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U.S. Minimum Wage

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ColeTrain
By ColeTrain | May 5 2016 9:59 PM
Bifurcations: The biggest issue with that analysis is that it neglects the true purpose of a minimum wage, and the value that low wages provide. The minimum wage and the living wage are entirely different entities. The minimum wage can be useful to prevent blatant abuse. However, if we try to convert the minimum wage to a living wage, you lose the value of incentivizing hard work and advancement in the labor market. The minimum wage was designed to be a MINIMUM wage, a pay utilized for jobs of rudimentary skill. Paying a higher wage outprices the minimum from the worth to the company as well as low-skilled workers themselves. Research is clear on this issue, and so is economic theory. This encourages less hours, less employers, and more automation and technology to replace the jobs that don't require human involvement.
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ColeTrain
By ColeTrain | May 5 2016 10:05 PM
admin: Why would you disagree that minimum wages cause inflation?
"Man is not free unless government is limited" -- Ronald Reagan
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admin
By admin | May 6 2016 2:36 AM
ColeTrain: Because if workers are less employable, you should pay the remaining workers more, not less, as they're more valuable. Lower minimum wages just create a race to the bottom in such a scenario, and you know, technology etc is always going to be cheaper in the end.
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admin
By admin | May 6 2016 2:36 AM
ColeTrain: Inflation means more money chasing fewer goods. On a macro scale, employers invest less and people earn more with minimum wages. In order to believe minimum wages cause inflation, you have to believe businesses won't be affected by it.
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