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Started By
Message
Minimum Wage 101
Posted on 4/6/21 at 8:23 am
Posted on 4/6/21 at 8:23 am
By definition, a person being paid minimum wage is receiving a subsidy in the amount by which that minimum wage exceeds the “market equilibrium” value of his labor.
I can (barely) understand the desire to provide such a subsidy in an amount to prevent people from dying in the streets, which seems to have been the original rationale back in the Depression-era days of FDR.
I CANNOT see a rational argument for increasing the subsidy to a level which would encourage such a person to reproduce.
I can (barely) understand the desire to provide such a subsidy in an amount to prevent people from dying in the streets, which seems to have been the original rationale back in the Depression-era days of FDR.
I CANNOT see a rational argument for increasing the subsidy to a level which would encourage such a person to reproduce.
This post was edited on 4/6/21 at 8:25 am
18
Posted on 4/6/21 at 8:25 am to AggieHank86
quote:
By definition, a person being paid minimum wage is receiving a subsidy in the amount by which that minimum wage exceeds the “market equilibrium” value of his labor.
I can (barely) understand the desire to provide such a subsidy in an amount to prevent people from dying in the streets, which seems to have been the original rationale back in the Depression-era days of FDR.
I CANNOT see a rational argument for increasing the subsidy to a level which would encourage such a person to reproduce.
ah, the bi-monthly thread where AggieHank pretends he's not an uber liberal.
Posted on 4/6/21 at 8:28 am to AggieHank86
Sir, this is a Wendy's.
Posted on 4/6/21 at 8:28 am to AggieHank86
Sad fact... people need to be cut loose... trim the fat and things improve all the way around...
Posted on 4/6/21 at 8:31 am to The Maj
If we pulled the enabling govt handouts, you'd be surprised how many people would actually swim rather than sink.
Posted on 4/6/21 at 8:33 am to Jake88
No I wouldn’t be... there will be some that will sit still and die but most will get to work...
Posted on 4/6/21 at 8:37 am to AggieHank86
I haven’t made minimum wage since I was 18.
Posted on 4/6/21 at 8:39 am to AggieHank86
A minimum wage requirement should not exist. rather let the business owner decide how much to pay their employees based on merit. Also the really excellent employees would probably be bid on by other companies thus driving their worth up.
Posted on 4/6/21 at 8:40 am to AggieHank86
quote:
By definition, a person being paid minimum wage is receiving a subsidy in the amount by which that minimum wage exceeds the “market equilibrium” value of his labor.
I can (barely) understand the desire to provide such a subsidy in an amount to prevent people from dying in the streets, which seems to have been the original rationale back in the Depression-era days of FDR.
I CANNOT see a rational argument for increasing the subsidy to a level which would encourage such a person to reproduce.
A very large percentage of people making the minimum wage now are high school and college aged kids. Raising the minimum wage kills jobs for them, shifting the burden to their parents in many cases.
Even illegals make more than the current minimum wage most places.
Proof that the market adjusts faster than government can fine-tune their utopian dreams.
Posted on 4/6/21 at 8:45 am to BiteMe2020
quote:
Proof that the market adjusts faster than government can fine-tune their utopian dreams.
Just what I was thinking. Government policy is usually decades behind (at best) the market, technology, and popular culture.
Posted on 4/6/21 at 8:48 am to The Maj
quote:
Sad fact... people need to be cut loose... trim the fat and things improve all the way around...
Raising the minimum wage artificially creates a LOT of fat, lol.
Take a business paying people twice the current minimum wage, and make the minimum wage $100/hour. You just created a crapload of fat that will need to be trimmed if the business wants to survive.
Government bureaucrats are NOT in a position to accurately determine the precise amount of fat to allow. Ergo, minimum wage laws are destructive.
This post was edited on 4/6/21 at 8:50 am
Posted on 4/6/21 at 8:52 am to AggieHank86
quote:
I CANNOT see a rational argument for increasing the subsidy to a level which would encourage such a person to reproduce.
We have too many people in this world anyways. We need to quit encouraging people to reproduce in every way imaginable.
The line needs to be, if you cannot afford life on your own, a kid will only make it more difficult. But yet society encourages reproduction at a blanket level.
This post was edited on 4/6/21 at 8:54 am
Posted on 4/6/21 at 8:54 am to BiteMe2020
The fat I was referring to are the government strap hangers that contribute nothing to society as a whole...
Posted on 4/6/21 at 8:56 am to The Maj
quote:
The fat I was referring to are the government strap hangers that contribute nothing to society as a whole...
Indeed. When you're not motivated by your own survival or profit motive, you get pretty damned fat. Government bureaucrats are oblivious to the amount of fat they have in DC. When it's other people's money, you tend to not care as much.
This post was edited on 4/6/21 at 8:57 am
Posted on 4/6/21 at 9:03 am to AggieHank86
It's all smoke and mirrors. Do a little Googling and see what percentage of adult workers actually earn minimum wage.
That's the biggest lie that's being perpetrated during this whole discussion.
That's the biggest lie that's being perpetrated during this whole discussion.
Posted on 4/6/21 at 9:03 am to AggieHank86
Ignorant people (and liberals, but I repeat myself) believe the minimum wage provides a government-mandated "floor" on wage pricing, when in fact it provides a de facto "ceiling" on it.
The minimum wage creates a sort of "base" wage that all corporations can use to seek unskilled labor without needing to compete with one another.
As we have seen over the last decade, the "minimum wage" most corporations provide has exceeded, in some cases greatly, the federal minimum wage because the labor market has decreased. If we would stop importing millions of unskilled and uneducated "immigrants," the competition for labor would boom and corporations would necessarily begin raising their entry-level wages in a drastic manner.
The minimum wage creates a sort of "base" wage that all corporations can use to seek unskilled labor without needing to compete with one another.
As we have seen over the last decade, the "minimum wage" most corporations provide has exceeded, in some cases greatly, the federal minimum wage because the labor market has decreased. If we would stop importing millions of unskilled and uneducated "immigrants," the competition for labor would boom and corporations would necessarily begin raising their entry-level wages in a drastic manner.
Posted on 4/6/21 at 9:11 am to AggieHank86
Walter Williams, Thomas Sowell, Murray Rothbard, Mises, Hayek, Murphy
So many people have destroyed the myth of the minimum wage. But our education system is so screwed up, adults have no grip on economics and support it.
So many people have destroyed the myth of the minimum wage. But our education system is so screwed up, adults have no grip on economics and support it.
Posted on 4/6/21 at 9:18 am to AggieHank86
quote:
By definition, a person being paid minimum wage is receiving a subsidy in the amount by which that minimum wage exceeds the “market equilibrium” value of his labor.
I can (barely) understand the desire to provide such a subsidy in an amount to prevent people from dying in the streets, which seems to have been the original rationale back in the Depression-era days of FDR.
I CANNOT see a rational argument for increasing the subsidy to a level which would encourage such a person to reproduce.
Yeah, thank you for sharing.
Posted on 4/6/21 at 9:31 am to Hayekian serf
quote:
So many people have destroyed the myth of the minimum wage. But our education system is so screwed up, adults have no grip on economics and support it.
First, they replaced economics courses with classes on how to put rubbers on bananas.
Then, they bused middle school kids to a pedophile seminar in Massachusetts and gave them a list of gay bars to visit.
With so many people so ignorant, one can only conclude we're entering into a second Dark Age. And society shows it.
Posted on 4/6/21 at 9:35 am to Jake88
quote:
If we pulled the enabling govt handouts, you'd be surprised how many people would actually swim rather than sink.
This wasnt that long ago but georgia changed some requirements to be on welfare and magically they had less people on welfare and more participating in the work force.
People will work harder at not having to work if given the opportunity.
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