Wage laws

Discussion in 'Economy' started by ThinkCritically, Apr 7, 2012.

  1. ThinkCritically
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    ThinkCritically Open to opinion

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    Don't need them. In fact they hurt low skill workers the most.
     
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  2. DSGE
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    DSGE VIP Member

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    Yep. Not really much content there, but I agree. If you want to help poor people, do it with a negative income tax, not with wage regulations.
     
  3. Widdekind
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    Widdekind Member

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    if the "job ladder" does not "reach down to the poor"; then they will have no way of "climbing" out of poverty; and will rely on charity, i.e. "welfare doles"
     
  4. C_Clayton_Jones
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    C_Clayton_Jones Diamond Member

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    You forgot to cite your source in support of this.
     
  5. starcraftzzz
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    starcraftzzz Senior Member

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    You are 100% wrong.
    Why The Fast Food Industry Hates The Idea of Raising The Minimum Wage
    ^Some hidden benefits of minimum wage increases would be a nominal uptick in fast food costs resulting in less fast food consumption and therefore less health care costs

    http://www.huffingtonpost.com/2011/06/07/minimum-wage-increase-help-economy-
    experts_n_872617.html
    BW Online | April 12, 2004 | Commentary: The Costco Way
    ^A higher minimum wage that is 40% higher results in employee turnover being almost 400% less.
    ^Comparable stores that have higher wages saw less turnover and higher productivity and therefor lower costs of labour by a little less than 1/3. Meaning Costco’s employees are 30% more productive.

    http://www.letjusticeroll.org/pdfs/AJustMinimumWage.pdf
    ^Unemployment was lowest during times of high minimum wages.

    Minimum Wage and Its Effects on Small Business | Economic Policy Institute
    ^States with higher minimum wages saw 30% more per capita job growth.

    http://spreadsheets.google.com/pub?key=phNtm3LmDZEN4obqrPBgrGQ
    U.S. Department of Labor - Wage and Hour Division (WHD) - Minimum Wage Laws in the States
    ^states with higher minimum wages saw 12% less poverty.

    http://www.bls.gov/http://www.dol.gov/whd/minwage/america.htm
    U.S. Bureau of Economic Analysis (BEA)
    ^Minimum wage increases preceded times with less inflation, less poverty and less unemployment, and more GDP growth.

    Minimum wage has decreased even while minimum wage workers qualifications and productivity has increased.
    Minimum wage has decreased by 20%.
    Education attainment of minimum wage workers has increased by 50% and Workers productivity has increased by 45%
    ^Minimum wage workers: better educated, worse compensated | Economic Policy Institute
    Workers' productivity rises...their wages don't

    Top U.S. Chamber Official: The Minimum Wage Is 'Counterproductive' And 'Doesn't Help' | ThinkProgress
    ^Minimum wage increase in New Jersey followed more job growth then neighboring Pennsylvania who didn’t see an increase in minimum wage. In 2009 the minimum wage increase boosted consumer spending and therefor demand by 5 billion.

    U.S. minimum wage hike a stimulus to economy: report | Reuters
    http://www.huffingtonpost.com/2011/06/07/minimum-wage-increase-help-economy-experts_n_872617.html
    ^A minimum wage increase would act similar to unemployment benefits and food stamps providing billions of stimulus and demand to the economy a dollar increase in the federal minimum wage would increase output by 10 billion dollars while simultaneously expanding living standards for the poorest Americans.
     
  6. uscitizen
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    uscitizen Senior Member

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    Yep pay people less in a consumer spending based economy, real bright stuff there.
     
  7. DSGE
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    DSGE VIP Member

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    Real rigorous economic studies there. Totally not full of reverse causation or post hoc ergo propter hoc statements. [​IMG]
     
  8. DSGE
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    DSGE VIP Member

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    How is that statement even coherent, in your mind? Aside from the fact that the argument against minimum wage is that it lowers employment more than it increases income, and so you actually get more consumer spending by lowering the minimum wage, what point are you trying to make? That just continually expanding consumer demand somehow increases output and real income rather than just resulting in inflation? I don't care so much for the basic AD/AS model, but you really need to learn it dude.
     
  9. inALIENable
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    inALIENable BANNED

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    You've got to be a really super duper worthless idiot if you need a minimum wage law. Gawd, how pitiful, I'd have to put myself out of my own misery it I was that damn stoopid and hopeless.
     
  10. ThinkCritically
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    ThinkCritically Open to opinion

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