But without a minimum wage, what is to stop ANY employer from paying their employees 2.00 an hour. I know you'll say "well the skilled, experienced workers won't get 2.00/h", but what if the employer's idea of "more" is 4 or 5? What the **** is stopping employers from doing that? I don't give a shit if an employer is liberal or conservative. That is what will happen.
If your labor is only worth $4 to $5 in value, why should you be paid $15?
Who exactly decides worth? Businesses? Business' only concern is maximizing profit.
I'm not even deciding worth. 16.5 million people make less than 10.10 per hour. Due to inflation, the last time someone could live comfortably off 10.10 per hour was the 1960s. Rasing the wage is about the nature of how income has evolved economically in this country.
Worth is decided by value. If the government has to force you to pay someone more than they are worth, it leads to either products or services costing more than they are actually worth, or the product or service being discontinued due to non viability at the offered cost.
Economics 101 billybutt.
Um okay who decides value? Businesses pay miminum wage so often not because of value of the employer, but because it is the easiest way to maximize profit. They pay it because they know they can.
Here's an economics lesson for you: if people have bigger paychecks, they spend more money on the market. That helps the economy in general.
The market decides value. If a job requires a certain amount of skill, the market sets the wage on that skill.
An engineering firm offering minimum wage would never be able to hire engineers. A construction company, even a non union one, offering minimum wage for carpentry, electrical, or plumbing work would not have any workers capable of doing the job.
And as for your last point, by that logic we should set the minimum wage to $50 an hour, oh wait, then a cup of coffee would cost $35 each.
Your logic requires that inflation and the cost of production does not exist.