ToddsterPatriot, the nation's population has both an average and a median wage. I assume you know the meaning of the mathematical term, “median”. You just want to upset me by pretending you're ignorant. I suppose you are well aware that for most applications, the “median” rather than the “average” provides us with a much more “usual” or “typical” number.Nobody earns a median wage, they earn a wage.
Do you feel eliminating the minimum wage would reduce your wages? Why?
Do you feel eliminating the minimum wage would be inflationary? Why?
and increase the incidences and extents of poverty in our nation.
If you're worth $10/hour, why would eliminating the current federal minimum wage of $7.25 harm you?
You don't seem to appreciate what competitive markets can or cannot do.
You don't seem to appreciate what government mandates can or cannot do.
Eliminating or reducing the purchasing power of the legally mandated minimum wage would reduce the purchasing power of the nation's median wage, which would indicate that most employed wage earners were experiencing a loss of purchasing power.
I believe eliminating the federal minimum wage rate would more than otherwise be deflationary rather than inflationary.
Eliminating our current minimum wage of $7.25 while there was no shortage of unskilled labor, would have a devastating effect upon USA's economy. States would attempt, but couldn't save their own economies.
More people would be employed but wage's purchasing powers would be spiraling down. The state's public assistance programs would be unable to handle their increased numbers of employed people's families that would be unable to financially sustain themselves.
A substantial portion of those now earning $10/per hour would be unemployed, additionally, a substantial portion of those employed would also be in need of public assistance.
Respectfully, Supposn
Eliminating or reducing the purchasing power of the legally mandated minimum wage would reduce the purchasing power of the nation's median wage, which would indicate that most employed wage earners were experiencing a loss of purchasing power.
Thanks for clearing up your earlier, muddled claim.
Couldn't tell if you meant the median wage would be eroded by inflation (unlikely to happen), or the median would fall because lots of wages would fall (very unlikely to happen) or the median would fall because of a large increase of workers joining the workforce below the current median (most likely to happen).
I suppose you are well aware that for most applications, the “median” rather than the “average” provides us with a much more “usual” or “typical” number.
Incomes is one area where I don't believe the median to be very useful.
Eliminating or reducing the purchasing power of the legally mandated minimum wage would reduce the purchasing power of the nation's median wage
Unless you're talking about inflation, why do you keep using the term "purchasing power"?
You're making less sense than usual.
And again, the nation doesn't have a median wage.
Try this thought experiment. One million new workers are hired at the minimum wage.
Everyone above the current median gets a 10% raise. No one else does.
Has the "purchasing power of the nation's median wage" been reduced?
Is the nation better off than before?
Eliminating our current minimum wage of $7.25 while there was no shortage of unskilled labor, would have a devastating effect upon USA's economy.
I don't believe you.
More people would be employed but wage's purchasing powers would be spiraling down.
Walk thru the logic behind this claim.