Monday, December 09, 2013

Minimum Wage Stuff

Pretty even handed look at the minimum wage controversy here.

This Craiglist guy has his own take on the politics of minimum wage, although it seems a bit brief. I wish he'd had kept going. Might have made a great essay if he organized his thoughts better.

As for me, I'm sympathetic to those wanting to raise the minimum wage, but wonder how much good it really does?

I recall decades ago there was an effort to raise the minimum wage. The unions were amongst the most vocal supporters. The minimum wage was raised. I recall feeling somewhat chagrined when those same unions pointed to the new minimum wage as a reason to raise their own wages.

And so it goes. The price of things go up. Everyone raises their wages as a result, and the minimum wage earners end up back at square one.


At 9:15 AM, Anonymous Anonymous said...

The wage raises also hurt those on fixed incomes. You have the same volume of available goods in the marketplace with more dollars chasing them, leading to inflation. Many retirees have little to no raises coming to them, or if they do it is a 2 percent or less SS raise. A sudden 10 to 20 percent minimum wage increase briefly helps those at the current minimum, but as you point out that benefit will disappear as others also demand raises. In 1916 the minimum wage was 16 cents an hour; by 1958 it was $1 per hour.

At 9:33 AM, Anonymous Anonymous said...

I love how Obama is supporting the minimum wage raise while behind closed doors and in secret he's getting ready to double the federal tax on gasoline at least the TPP has been put on hold for one more year unless he pulls some executive action b*******
I know this sounds kinda Comie unless we put a cap on the percentage of money a corporation make each year they will simply pass any increase cost to themselves like a minimum wage increases back on to the people because they will not let that affect their profit margins I think they should be limited to making a hundred percent of what they spend on there corporations in a given year this would give them more incentive to pay their employees more and invest back into their companies making them pay their fair share of taxes would be nice too

At 4:53 PM, Blogger Ernie Branscomb said...

Seattle / Tacoma just raised their minimum wage to $15.00 / hr. Google it.

It will be fun to hide and watch the chaos from afar. It is predicted that all wages will increase, retail prices will go up and everybody will be just as poor in a much bigger basket. Business and jobs are predicted to leave, and some businesses will close their doors. More people will be without jobs than ever before. While a few will benefit.

I hope, for their sake, that it all works like their ideal model.

At 8:54 AM, Anonymous Anonymous said...

Can someone explain to me how you can print 86 billion dollars a month and not cause hyper inflation???


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