View Poll Results: Results of Raising the Minimum Wage

Voters
56. You may not vote on this poll
  • Greater buying power

    14 25.00%
  • Greater unemployment

    32 57.14%
  • Less unemployment

    7 12.50%
  • Higher prices

    36 64.29%
  • Less competitive on world markets

    25 44.64%
  • Benefits low income workers

    20 35.71%
  • Places people in higher income tax brackets

    7 12.50%
  • More jobs go overseas

    32 57.14%
  • More businesses close

    30 53.57%
  • Benefits middle income workers

    5 8.93%
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Thread: Effects of Minimum Wage

  1. #11
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    Re: Effects of Minimum Wage

    Quote Originally Posted by ronpaulvoter View Post
    What will raising the minimum wage do?

    This is a test. Let's see how smart you are on the minimum wage.

    Multiple choice. Check all that apply. Do not check those that don't.

    Later, I will post the correct answers.
    And is this something that economists universally agree on?
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    Re: Effects of Minimum Wage

    I hope when the poll starter posts the "answer" he provides some type of empirical evidence to back up the inane dogma I am sure he will also bore me with.

    The 10th anniversary of the minimum wage in the UK was a short time ago, as of yet millions of people have not lost their job because of it. The BBC just did a piece on the history of it which some may find interesting.

    BBC NEWS | UK | UK Politics | When the left opposed a minimum wage

    The National Minimum Wage celebrated its tenth birthday earlier this year.

    For all the controversy when it was first introduced, amidst predictions that it would lead to an additional two million unemployed, it is now almost impossible to find any senior political figure who wants its repeal.
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    Re: Effects of Minimum Wage

    The only thing minimum wage affects is number of employees, at least directly. Assuming the minimum wage is binding, then it decreases the total amount of workers a firm can hire, and so forth decrease the amount of product they can supply. This decreases their maximum amount of revenue, and in some cases, this further decreases the amount of employees, resulting in a vicious cycle.
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    Re: Effects of Minimum Wage

    Quote Originally Posted by Slainte View Post
    I hope when the poll starter posts the "answer" he provides some type of empirical evidence to back up the inane dogma I am sure he will also bore me with.

    The 10th anniversary of the minimum wage in the UK was a short time ago, as of yet millions of people have not lost their job because of it. The BBC just did a piece on the history of it which some may find interesting.

    BBC NEWS | UK | UK Politics | When the left opposed a minimum wage

    The National Minimum Wage celebrated its tenth birthday earlier this year.

    For all the controversy when it was first introduced, amidst predictions that it would lead to an additional two million unemployed, it is now almost impossible to find any senior political figure who wants its repeal.
    Maybe so, but that is because the mininum wage was so low (as it is in the US) so it will have a very limited effect on employment.

    I wish that the federal government in the US would abbolish the mininum wage so states could have their own level, but since the mininum wage has such a limited effect on labour costs it really doesn't even matter.

    Inflation has eaten away the mininum wage so it is even lower then it was in the 70's despite the growing economy.

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    Re: Effects of Minimum Wage

    Quote Originally Posted by OxymoronP View Post
    Will lead to inflation, and Outsourcing .
    We have had a minimum wage for 70 years now. When is it going to lead to it?
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    Re: Effects of Minimum Wage

    We have had a minimum wage in the United States since 1938. During the 70 years it has been in place there has never been any consistent correlation between any of the increases in minimum wage and inflation or a reduction in employment.

    For example, take the 90s. We had 3 minimum wage increases in the 1990s, yet 22 million new jobs were created, inflation was held in check, and median incomes went up by around $7,500 adjusted (after inflation adjustments).

    At the same time, we have had dozens of minimum wage increases over the last 70 years and you can't show any consistent correlation between them and a reduction of the poverty rate.

    No correlation = no causation. Basically, the minimum wage increases we have had over the last 70 years have been so nominal that they have had no measurable effect on the economy at all good or bad. Sure, if you bump them up to 20 dollars an hour, you probably will see some fairly negative effects on employment. However, the minimum wage increases we have had are generally ones that just reflect prevailing low skilled entry level wages anyway. For the most part, the minimum wage is almost pointless. It does nothing demonstrable good or bad.
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    Re: Effects of Minimum Wage

    Quote Originally Posted by jamesrage View Post
    Labor regardless if it is legal or illegal on constitutes a small percentage of the total cost. So why would 7 dollars an hour have any effect? This minimum wage drives away jobs or some other crap is nothing but nonsense.
    I worked in the food service industry for several years, during which time there were at least two (maybe three, its been a long time) hikes in minimum wage.

    Every time it happened, it was followed by a price hike, with said hike doing nothing more than maintaining the % cost of labor -- which was right around 25%.

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    Re: Effects of Minimum Wage

    Quote Originally Posted by repeter View Post
    The only thing minimum wage affects is number of employees, at least directly. Assuming the minimum wage is binding, then it decreases the total amount of workers a firm can hire, and so forth decrease the amount of product they can supply. This decreases their maximum amount of revenue, and in some cases, this further decreases the amount of employees, resulting in a vicious cycle.
    You're forgetting the other major effect, which is that employees make more.
    The Makeout Hobo is real, and does indeed travel around the country in his van and make out with ladies... If you meet the Makeout Hobo, it is customary to greet him with a shot of whiskey and a high five (if you are a dude) or passionate makeouts (if you are a lady).

  9. #19
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    Re: Effects of Minimum Wage

    Quote Originally Posted by SouthernDemocrat View Post
    We have had a minimum wage in the United States since 1938. During the 70 years it has been in place there has never been any consistent correlation between any of the increases in minimum wage and inflation or a reduction in employment.

    For example, take the 90s. We had 3 minimum wage increases in the 1990s, yet 22 million new jobs were created, inflation was held in check, and median incomes went up by around $7,500 adjusted (after inflation adjustments).

    At the same time, we have had dozens of minimum wage increases over the last 70 years and you can't show any consistent correlation between them and a reduction of the poverty rate.

    No correlation = no causation. Basically, the minimum wage increases we have had over the last 70 years have been so nominal that they have had no measurable effect on the economy at all good or bad. Sure, if you bump them up to 20 dollars an hour, you probably will see some fairly negative effects on employment. However, the minimum wage increases we have had are generally ones that just reflect prevailing low skilled entry level wages anyway. For the most part, the minimum wage is almost pointless. It does nothing demonstrable good or bad.
    Are you serious?

    http://www.cato.org/pubs/journal/cj5n1/cj5n1-6.pdf
    The first federal minimum wage laws were established under the
    provisions of the National Recovery Administration (NRA). The
    National Industrial Recovery Act, which became law on 16 June
    1933, established industrial minimum wages for 515 classes of labor.
    Over 90 percent of the minimum wages were set at between 30 and
    40 cents per hour.’ Early empirical evidence attests to the unemployment
    effects of the minimum wage. Using the estimates of C. F.
    Roos, who was the director ofresearch at the NRA, Benjamin Anderson
    states: “Roos estimates that, by reason of the minimum wage
    provisions of the codes, about 500,000 Negro workers were on relief
    in 1934. Roos adds that a minimum wage definitely causes the displacement
    of the young, inexperienced worker and the old worker.”2
    With the passage of the FLSA, it became inevitable that major
    dislocations would result in labor markets, primarily those for lowskilled
    and low-wage workers. Although the act affected occupations
    covering only one-fifth of the labor force,5 leaving a large uncovered
    sector to minimize the disemployment effects, the minimum wage
    was still extremely counterproductive. The Labor Department
    admitted that the new minimum wage had a disemployment effect,
    and one historian sympathetic to the minimum wage was forced to
    concede that “[tihe Department of Labor estimated that the 25-centsan-
    hour minimum wage caused about 30,000 to 50,000 to lose their
    job. About 90% of these were in southern industries such as bagging,
    pecan shelling, and tobacco stemming.”6

    These estimates seriously understate the actual magnitude of the
    damage. Since only 300,000 workers received an increase as a result
    of the minimum wage,7 estimates of 30,000—50,000 lost jobs reveal
    that 10—13 percent of those covered by the law lost their jobs. But it
    is highly dubious that only 30,000—50,000 low-wage earners lost their
    jobs in the entire country; that many unemployed could have been
    found in the state of Texas alone, where labor authorities saw devastation
    wrought via the minimum wage on the pecan trade. The
    New York Times reported the following on 24 October 1938:

    Information received today by State labor authorities indicated that
    more than 40,000 employees of the pecan nut shelling plants in
    Texas would be thrown out ofwork tomorrow by the closing down
    of that industry, due to the new Wages and Hours Law, In San
    Antonio, sixty plants, employing ten thousand men and women,
    mostly Mexicans, will close.. . . Plant owners assert that they cannot
    remain in business and pay the minimum wage of25 cents an hour
    with a maximum working week of forty-four hours. Many garment
    factories in Texas will also close.’
    Democrats Cheer Wage Hike - washingtonpost.com
    A minimum-wage increase 10 years ago cut 146,000 jobs from the restaurant industry and postponed 106,000 hires, according to a survey by the National Restaurant Association.

    Evidence suggests that there may be some reduction in employment among the least skilled and the youngest workers, said Harry Holzer, professor of public policy at Georgetown University. But he added that inflation had so outpaced the minimum wage over the past decade that the negative effects could be limited.
    This isn't even scratching the surface. There is TONS of evidence that minimum wage hurts employment.
    Last edited by Dav; 09-08-09 at 04:32 PM.

  10. #20
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    Re: Effects of Minimum Wage

    Quote Originally Posted by SouthernDemocrat View Post
    We have had a minimum wage in the United States since 1938. During the 70 years it has been in place there has never been any consistent correlation between any of the increases in minimum wage and inflation or a reduction in employment.

    For example, take the 90s. We had 3 minimum wage increases in the 1990s, yet 22 million new jobs were created, inflation was held in check, and median incomes went up by around $7,500 adjusted (after inflation adjustments).

    At the same time, we have had dozens of minimum wage increases over the last 70 years and you can't show any consistent correlation between them and a reduction of the poverty rate.

    No correlation = no causation. Basically, the minimum wage increases we have had over the last 70 years have been so nominal that they have had no measurable effect on the economy at all good or bad. Sure, if you bump them up to 20 dollars an hour, you probably will see some fairly negative effects on employment. However, the minimum wage increases we have had are generally ones that just reflect prevailing low skilled entry level wages anyway. For the most part, the minimum wage is almost pointless. It does nothing demonstrable good or bad.
    Then there's no reason to have it (or any other law which does nothing).
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