The left also wants a maximum wage. Indeed, they see utopia where minimum and maximum wages intersect.
I don’t know how I feel about this...
The FED has devalued the dollar significantly.
When I was a teenager 50 years ago, the minimum wage was a dollar an hour. The dollar is worth less than 1/10 of what it was back then. Inflation hurts all of us, but it hurts the poor the most...
The solution: get training in areas that business or the health-care industries desire. Work hard for it, stay out of trouble, don't have kids when you're a teen, and don't be deterred by failures here and there.
A higher minimum wage, simply means that “the generic burger corp joint”, passes the cost to those of us who go there, now.
Once they do, the magic is gone, and the customers dwindle.
Maybe good news for the Chinese restaurants, no?
Raising the minimum wage benefits the unions by shifting the wage matrix upward. Soon the economic environment reacts by increases in the cost of living. People feel that cost of living adjustment with the increases in such things as apartment rents. Those who needed that increase in the minimum wage are right back where they started.
Raise the minimum wage the same as they raise the Social Security check.
1.5%
The minimum wage is arbitrary. It's labor effort that is what matters.
The “Hours of labor” required to purchase anything will eventually stabilize at the exact same level it was prior to an arbitrary increase.
To help a min-wage proponent visualize this, just think of a $75 product, such as a kid's bike, or a watch, or a coffee maker. I chose $75 since it's about 10 times the current minimum wage. You can really think of ANY price range, just be able to determine how many labor hours that is in current minimum wage dollars.
Then simply tell them that this $75 thing will cost $150 soon after the minimum wage increase, and they'll be in the exact same place they were before the minimum wage was increased. They're going to work 10 hours for that bike.
If there's any glimmer in their eye once you explain this, hammer it home with the additional story of how the guy building the bike wants more money too, once they got their “raise”.
The liberal mind just doesn’t understand the real world.
When a business experiences continuous costs, as a rule - long term they must be recovered. If such long term costs are not recovered, the business fails.
And there is only one continuous and indefinite stream of funds from which a business may pay costs - sales revenue.
Let’s look at small businesses that hire young workers. A worker hired 3 years ago for $7.50/hr - that worker has worked hard and now earns $10.50/hr. A very reliable and trained worker.
Now we need to hire an additional worker - if min wage goes up too $10.50 and I hire a new worker - OK? I either raise the pay of the experienced worker and hire the new worker or I don’t hire the new worker....etc.
This is a real life experience in our 49 worker Pizza Store.
An increase in minimum wage automatically triggers an increase in union wages for many labor unions. And those additional union dues get siphoned back into Democrat campaign war chests.
now if older gets the job at $15.00, and if there's no motivation on their part for a better life, then there's no incentive either to move on, the younger one NEVER GETS THE JOB!!!
I view the big increase in the minimum wage as a leftist attempt to create dependency in the young from the beginning. Not finding part-time or low wage work means that more young people do not learn what it takes to make yourself EMPLOYABLE. The economic value of the job needs to determine wage. Wage and price controls have proven over and over again that they do not work and are counter-productive. Minimum wage laws are a form of wage and price controls . . . it is bad medicine.