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Thread: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recession

  1. #241
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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by TeleKat View Post
    The way I see it is that a higher minimum wage would actually allow us to lower taxes to a reasonable level, since welfare programs would not be as prominent or necessary. You'd think the fiscal conservatives would be all over that.
    Really?

    Do you have any statistics, or is that a guess?

    A higher minimum wage only affects people already working or entering the work force. The welfare rolls increase along with the minimum wage as employers hire less entry level workers; in the end it is cheaper to pay people overtime than hire new with benefits and guaranteed wages. In a healthy economy minimum wage is unnecessary.
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  2. #242
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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by WallStreetVixen View Post
    Actually, the reason for it was to price child labour out of the marketplace. During the Great Depression, men were so desperate for work that they were willing to take wages children normally got. Any other time before that, attempts to create a minimum wage was always struct down by the Supreme Court and was declared unconstitutional.

    In the UK, we didn't have a national minimum wage until 1999, decades later after the US first instituted theirs, but this only applied to people over the age of 22, so people under 22 wouldn't be affected.

    This is because the minimum wage prices labour out of the marketplace. Most people understand this, except for minimum wage advocators...
    It only prices labor out of the market if you assume "forcing wages as low as we can get them" is the only possible model to work on.
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  3. #243
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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by Deuce View Post
    It only prices labor out of the market if you assume "forcing wages as low as we can get them" is the only possible model to work on.
    It's not about forcing wages low. Its about what your employer is willing to pay for your labour. If you arbitrarily set a level that is too expensive, certain low productive, unskilled labourers will be priced out at the expense of high productive, high skill workers.

    There is a reason why certain people are exempt from minimum wage laws, such as mentally handicapped people.

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by iliveonramen View Post
    The low wage labor market is a different beast than higher income labor markets. Lack of transportation, lack of access to information, how employees are hired as well as the types of jobs they go into all lead to a situation that results in depressed wages. It's a situation that is very lopsided and benefits employers.
    Lack of skills, more than anything, lead to depressed wages.

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by WallStreetVixen View Post
    If you arbitrarily set a level that is too expensive, certain low productive, unskilled labourers will be priced out at the expense of high productive, high skill workers.
    This isn't necessary a bad thing. It ensures up-skilling and increased capital investment. See the agricultural and fast food industries for example.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by WallStreetVixen View Post
    Lack of skills, more than anything, lead to depressed wages.
    Monopsony describes the low skill labor market.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by WallStreetVixen View Post
    The minimum wage is an arbitrary price floor set to prevent employers from paying for labour below a certain level. All it means is that it is illegal to hire an employee who earns an hourly wage below that arbitrary level, with certain exceptions. That's it. You can't tie it to inflation, nor would it make sense to do such a mundane thing. It's not tied to the cost of living. If you want to make sure people have the ability to feed themselves, there are plenty of intelligent ways of doing that aside from indexing the minimum wage to inflation.
    Yes, a minimum wage that is debated by economists, workers, pundits, and politicians in Congress is "arbitrary"

    As compared to the # the market comes up with (ie $0) which is not arbitrary

    And no, the MW can not be tied to the cost of living or inflation or anything else. The constitution forbids that.
    Last edited by sangha; 12-16-14 at 05:03 PM.
    Quote Originally Posted by matchlight View Post
    Justice Thomas' opinions consistently contain precise, detailed constitutional analyses.
    Quote Originally Posted by jaeger19 View Post
    the vast majority of folks that need healthcare are on Medicare.. both rich and poor..

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by ocean515 View Post
    No, I was referring to the arrogance and insulting attitude of someone like yourself defining for another what a living was. "Here's another $30/day. Now you have a living, because I said so". Disgusting.
    Yes, that's horrible compared to your "Here's nothing more. Now go starve, because I said so"
    Quote Originally Posted by matchlight View Post
    Justice Thomas' opinions consistently contain precise, detailed constitutional analyses.
    Quote Originally Posted by jaeger19 View Post
    the vast majority of folks that need healthcare are on Medicare.. both rich and poor..

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by Kushinator View Post
    Monopsony describes the low skill labor market.
    Hey, I actually learned something today. "Monopsony".
    Quote Originally Posted by ocean515 View Post
    ...I'm not interested in debating someone who is trolling for an argument....
    Quote Originally Posted by Papa bull View Post
    I see a big problem with the idea that whatever the majority wants is OK.

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by WallStreetVixen View Post
    Actually, the reason for it was to price child labour out of the marketplace.\
    No, the reason was to stimulate the economy where there was a lack of demand due to wages being so low.

    http://www.dol.gov/dol/aboutdol/history/flsa1938.htm
    Last edited by sangha; 12-16-14 at 05:04 PM.
    Quote Originally Posted by matchlight View Post
    Justice Thomas' opinions consistently contain precise, detailed constitutional analyses.
    Quote Originally Posted by jaeger19 View Post
    the vast majority of folks that need healthcare are on Medicare.. both rich and poor..

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