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1
Posted on 5/19/14 at 5:37 pm to TheSexecutioner
raise the mw and a business cost's goes up, a business is run on %'s, when the business labor cost goes up they will cut back on labor to bring the %'s back in line, or raise prices, if they raise prices the workers may make more money but it doesn't go as far, buying power stay's the same, if they cut back on labor the worker gets less hours but makes more per hour, buying power stay's the same.
Posted on 5/19/14 at 6:03 pm to LarrytheGolfer
You're killing your father Larry
Posted on 5/19/14 at 6:04 pm to LarrytheGolfer
quote:
But what is supposed to even out the rising costs of things that we need to survive?
Learning to be more productive or skilled.
Rising costs should motivate you to do that if nothing else will.
Posted on 5/19/14 at 6:11 pm to Vols&Shaft83
quote:
You're killing your father Larry
Posted on 5/19/14 at 6:14 pm to LarrytheGolfer
quote:
I'm a
Libertarian
This is becoming like the tight jeans phenomenon.
Posted on 5/19/14 at 6:14 pm to HailHailtoMichigan!
quote:
Costs are determined by supply and demand. For basic goods that everyone needs, market forces would never price out an entire legion of consumers
Absolutely this. Kind of off topic but this logic also has me interested to see how the system is going to balance itself as robots are used increasingly in the work place. That is, couldn't companies kind of shoot themselves in the foot by moving towards automation by consequently shrinking their consumer base.
Posted on 5/19/14 at 6:20 pm to LarrytheGolfer
quote:
I'm a Libertarian
quote:
If the gas and food costs keep rising, why shouldn't minimum wage do so as well?
You really have no idea what you're talking about.
Posted on 5/19/14 at 6:28 pm to Sentrius
quote:
You really have no idea what you're talking about.
But we do know that this is his homework:
Posted on 5/19/14 at 6:49 pm to dantes69
quote:
if they raise prices the workers may make more money but it doesn't go as far, buying power stay's the same
Ah, so if minimum wage doubles, you think price of all goods double? A 10% increase in wage might be partially offset by an increase in the cost of goods such that their buying power doesn't increase by a full 10%. That is very different than you claiming their buying power doesn't change at all.
Posted on 5/19/14 at 6:54 pm to ellishughtiger
quote:
Because half the OT works for a few bucks more than minimum wage and can't gut the feeling of a poor black person making as much money as them.
There's more truth to this statement than many will admit. Aside from the employers that will have to pay more, it would seem that the most vehemently opposed to any wage increase are the 30-40 thousandaires that need to feel like they are better than those in the bracket just below.
Posted on 5/19/14 at 6:56 pm to Old Hellen Yeller
quote:
it would seem that the most vehemently opposed to any wage increase are the 30-40 thousandaires that need to feel like they are better than those in the bracket just below.
You have links for this?
Name one person opposed to a wage increase? Most people who oppose minimum wage increases do so because they are either employers, or have a fairly decent understanding of economics.
Posted on 5/19/14 at 6:57 pm to TheSexecutioner
And his point is a good one outside of him claiming to be a libertarian.
Either minimum wage is a policy you agree with or not. But its either stupid to begin with or stupid to not adjust it with inflation. The point that I took from this thread is that minimum wage is obviously not being set according to careful consideration of the economic and social issues or else it wouldn't just stay in the same place through inflation.
Basically, minimum wage is continuously being lowered once you account for inflation. So either
a) why was it as high as it was in the first place? or
b) why is it now being lowered?
Either minimum wage is a policy you agree with or not. But its either stupid to begin with or stupid to not adjust it with inflation. The point that I took from this thread is that minimum wage is obviously not being set according to careful consideration of the economic and social issues or else it wouldn't just stay in the same place through inflation.
Basically, minimum wage is continuously being lowered once you account for inflation. So either
a) why was it as high as it was in the first place? or
b) why is it now being lowered?
Posted on 5/19/14 at 6:59 pm to TheSexecutioner
quote:
b) why is it now being lowered?
Low wages are subsidized by various forms of welfare.
When did the min wage start losing ground? 1968. About the time of the war on poverty.
Government subsidizes low wages for both employer and employee
Posted on 5/19/14 at 7:00 pm to TheSexecutioner
Minimum wage increases do very little if the supply of goods does not increase as well. Basic economics tells us that if the demand shift curves right (in the form of higher income of MW workers), but the supply curve does not shift, the price will rise.
Posted on 5/19/14 at 7:09 pm to HailHailtoMichigan!
quote:
Minimum wage increases do very little if the supply of goods does not increase as well. Basic economics tells us that if the demand shift curves right (in the form of higher income of MW workers), but the supply curve does not shift, the price will rise.
do very little what? It certainly does something. From what I'm gathering, you are acting as if a 10% higher income from minimum wage workers will result in a 10% increase in the demand curve.
What about all of the workers not effected by the minimum wage increase? They will keep the demand curve relatively static.
Posted on 5/19/14 at 7:15 pm to TheSexecutioner
quote:The demand curve refers to the TOTAL amount demanded at each price level. Even if the workers not affected by MW are taken into consideration, there is still a shift at each price level.
What about all of the workers not effected by the minimum wage increase? They will keep the demand curve relatively static.
Posted on 5/19/14 at 7:47 pm to HailHailtoMichigan!
quote:
The demand curve refers to the TOTAL amount demanded at each price level. Even if the workers not affected by MW are taken into consideration, there is still a shift at each price level.
a watered down one, as I said earlier. If they increase their wage by 10% and demand only goes up by 3%, they have increased their buying power. No?
Posted on 5/19/14 at 7:48 pm to TheSexecutioner
quote:Sure, at the expense of the buying power of others, and at the expense of the jobs of others. Minimum wage increases merely shift money around.
If they increase their wage by 10% and demand only goes up by 3%, they have increased their buying power. No?
Posted on 5/19/14 at 8:32 pm to HailHailtoMichigan!
quote:
Sure, at the expense of the buying power of others, and at the expense of the jobs of others. Minimum wage increases merely shift money around.
Exactly. And that is the point of it. What did you think was the point and why did you say that minimum wage changes does nothing?
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