PoliticalChic
Diamond Member
Please don't say that this is a free-market economy.
It is not.
Cynic that I am, most regulation of the market is designed as blackmail so that politicians can either strong-arm 'contributions' or agglomerate votes.
And that brings me to 'minimum wage.'
1. "Milton Friedman provides some critically clarifying truthiness on the unholy coalitions between 'do-gooders', 'special interests', 'trade unions', and the vicious circle that this non-market-based decision will create. "Do-Gooders believe passing a law saying nobody shall get less than [a minimum wage] is helping poor people (who need the money). You're doing nothing of the kind. What you're doing is to ensure that people whose skills do not justify that wage will be unemployed."
Milton Friedman On The Unholy Coalitions Of The Minimum Wage | Zero Hedge
2. On the regulatory front, the number of pages in the Federal Register dropped to less than 48,000 in 1986 from over 80,000 in 1980. With no increase in the minimum wage over his full eight years in office, the negative impact of this price floor on employment was lessened. Arthur B. Laffer: Reaganomics: What We Learned - WSJ.com
3. President Carter raised the minimum wage 46%:
"On this day [January 1st] in 1981, President Jimmy Carter signed legislation raising the federal minimum wage from $2.30 to $3.35 an hour." Carter raises minimum wage Jan. 1, 1981 - Andrew Glass - POLITICO.com
a. To view the numbers as 2013 values, Carter raised the minimum wage from $6.121, to $8.91.
DollarTimes.com | Inflation Calculator
Currently, it is $7.25
For the reasons stated by Friedman, Carter's increases exacerbated unemployment.
b. While most charts give Carter's unemployment data as starting and ending at 7.1%, "The problem with this graph is that it does not give a full picture of employment under Carter. Carter was the first President since FDR to adjust employment figures by removing the "chronically" un-employed from the employment roles.
Counting those, the figure "sky-rockets" in 1977 to 14.7%." RADAMISTO: UNEMPLOYMENT UNDER CARTER
4. "In the period between 1912 and 1920, 13 states and the District of Columbia had enacted minimum wage laws. However, the U.S. Supreme Court invalidated these statutes, holding them to be unconstitutional because they allegedly interfered with employers ability to negotiate wage contracts with their workers. The first effort to establish a national minimum wage came in 1933, when the National Industrial Recovery Act set a base wage a $0.25 an hour. In 1935, the Supreme Court declared the act unconstitutional." Carter raises minimum wage Jan. 1, 1981 - Andrew Glass - POLITICO.com
5. " Supporters of raising the minimum wage argue that workers cant live off a federal minimum wage of $7.25 an hour, which translates into $15,080 per year for a full-time worker.
According to a study conducted by the conservative American Action Forum, increasing the minimum wage doesnt fight poverty or close income gaps.
6. This past September, California Gov. Jerry Brown signed legislation that increased the state minimum from $8 to $10 per hour. And even more recently, SeaTac, Washington raised its minimum wage all the way to $15 per hour.
President Obama also endorsed the idea presented by some members of Congress to set a federal minimum wage to $10.10.
7. AAFs research shows that the majority of people who live in poverty are not the ones earning a minimum wage salary.
In 2011, only 1.2 percent of people in families with incomes below the federal poverty line earned an hourly wage at or below $9 per hour and only 1.5 percent earned a wage at or below $10.10 per hour. Even among all those who work and are in poverty, only 28.5 percent earn $9 per hour or less and 36.2 percent earn $10.10 per hour or less.
8..... increases in minimum wage to $9 and $10.10 not only would fail to assist almost 99 percent of all people in poverty, but they would also neglect the vast majority of people in poverty who are actually working.
Researchers found that the largest demographic of minimum wage earners are actually teenagers from middle-class families."
9. .... instead of fighting income inequality, an increase in the minimum wage may actually widen the income gap by limiting earnings from the unemployed and directing more money to the top 20 percent of earners.
10. According to the study, there is no statistical evidence that the minimum wage increases between 2003 and 2007 decreased state poverty rates. Researchers found that only 15.5 percent of the net benefits from raising the federal minimum wage to $7.25 went to workers living in poverty. They predicted that if the minimum wage were to rise to $9.50, a mere 10.5 percent of the net benefits would go to workers in poverty.
Study: minimum wage hike no anti-poverty measure | The Daily Caller
Seems that 'do-gooders' don't do any good.
It is not.
Cynic that I am, most regulation of the market is designed as blackmail so that politicians can either strong-arm 'contributions' or agglomerate votes.
And that brings me to 'minimum wage.'
1. "Milton Friedman provides some critically clarifying truthiness on the unholy coalitions between 'do-gooders', 'special interests', 'trade unions', and the vicious circle that this non-market-based decision will create. "Do-Gooders believe passing a law saying nobody shall get less than [a minimum wage] is helping poor people (who need the money). You're doing nothing of the kind. What you're doing is to ensure that people whose skills do not justify that wage will be unemployed."
Milton Friedman On The Unholy Coalitions Of The Minimum Wage | Zero Hedge
2. On the regulatory front, the number of pages in the Federal Register dropped to less than 48,000 in 1986 from over 80,000 in 1980. With no increase in the minimum wage over his full eight years in office, the negative impact of this price floor on employment was lessened. Arthur B. Laffer: Reaganomics: What We Learned - WSJ.com
3. President Carter raised the minimum wage 46%:
"On this day [January 1st] in 1981, President Jimmy Carter signed legislation raising the federal minimum wage from $2.30 to $3.35 an hour." Carter raises minimum wage Jan. 1, 1981 - Andrew Glass - POLITICO.com
a. To view the numbers as 2013 values, Carter raised the minimum wage from $6.121, to $8.91.
DollarTimes.com | Inflation Calculator
Currently, it is $7.25
For the reasons stated by Friedman, Carter's increases exacerbated unemployment.
b. While most charts give Carter's unemployment data as starting and ending at 7.1%, "The problem with this graph is that it does not give a full picture of employment under Carter. Carter was the first President since FDR to adjust employment figures by removing the "chronically" un-employed from the employment roles.
Counting those, the figure "sky-rockets" in 1977 to 14.7%." RADAMISTO: UNEMPLOYMENT UNDER CARTER
4. "In the period between 1912 and 1920, 13 states and the District of Columbia had enacted minimum wage laws. However, the U.S. Supreme Court invalidated these statutes, holding them to be unconstitutional because they allegedly interfered with employers ability to negotiate wage contracts with their workers. The first effort to establish a national minimum wage came in 1933, when the National Industrial Recovery Act set a base wage a $0.25 an hour. In 1935, the Supreme Court declared the act unconstitutional." Carter raises minimum wage Jan. 1, 1981 - Andrew Glass - POLITICO.com
5. " Supporters of raising the minimum wage argue that workers cant live off a federal minimum wage of $7.25 an hour, which translates into $15,080 per year for a full-time worker.
According to a study conducted by the conservative American Action Forum, increasing the minimum wage doesnt fight poverty or close income gaps.
6. This past September, California Gov. Jerry Brown signed legislation that increased the state minimum from $8 to $10 per hour. And even more recently, SeaTac, Washington raised its minimum wage all the way to $15 per hour.
President Obama also endorsed the idea presented by some members of Congress to set a federal minimum wage to $10.10.
7. AAFs research shows that the majority of people who live in poverty are not the ones earning a minimum wage salary.
In 2011, only 1.2 percent of people in families with incomes below the federal poverty line earned an hourly wage at or below $9 per hour and only 1.5 percent earned a wage at or below $10.10 per hour. Even among all those who work and are in poverty, only 28.5 percent earn $9 per hour or less and 36.2 percent earn $10.10 per hour or less.
8..... increases in minimum wage to $9 and $10.10 not only would fail to assist almost 99 percent of all people in poverty, but they would also neglect the vast majority of people in poverty who are actually working.
Researchers found that the largest demographic of minimum wage earners are actually teenagers from middle-class families."
9. .... instead of fighting income inequality, an increase in the minimum wage may actually widen the income gap by limiting earnings from the unemployed and directing more money to the top 20 percent of earners.
10. According to the study, there is no statistical evidence that the minimum wage increases between 2003 and 2007 decreased state poverty rates. Researchers found that only 15.5 percent of the net benefits from raising the federal minimum wage to $7.25 went to workers living in poverty. They predicted that if the minimum wage were to rise to $9.50, a mere 10.5 percent of the net benefits would go to workers in poverty.
Study: minimum wage hike no anti-poverty measure | The Daily Caller
Seems that 'do-gooders' don't do any good.