View Poll Results: Results of Raising the Minimum Wage

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  • 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. #1
    Educator ronpaulvoter's Avatar
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    Post Effects of Minimum Wage

    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.
    Last edited by ronpaulvoter; 09-03-09 at 05:05 PM.

  2. #2
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    Re: Effects of Minimum Wage

    There's nothing there to choose.
    “Offing those rich pigs with their own forks and knives, and then eating a meal in the same room, far out! The Weathermen dig Charles Manson.”-- Bernadine Dohrn

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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.
    Since there is no multiple choice, I'll opt for the 'short answer' response.

    It creates a cndition of artifical inflation where the cost of products and services provided by minimum-wage labor go up due to extra-market forces - which eventually results in the "need" to raise minimum wage again.

  4. #4
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    Re: Effects of Minimum Wage

    The question cannot be answered unless we know what the minimum wage is you are talking about.
    Wow. Am I awesome or what?

  5. #5
    Educator ronpaulvoter's Avatar
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    Re: Effects of Minimum Wage

    Quote Originally Posted by stekim View Post
    The question cannot be answered unless we know what the minimum wage is you are talking about.
    The current one, of course.

    However, the effect is the same. The only difference is, the greater the increase, the greater the effect.

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    Re: Effects of Minimum Wage

    Will lead to inflation, and Outsourcing .


    THE GREATEST FREEDOM IS THE FREEDOM TO OPPRESS OTHERS

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    Re: Effects of Minimum Wage

    What's particularly annoying about is that its proponents never consider its "unintended consequences." I think they expect businesses to take the wage increases entirely out of their bottom lines and not pass it on to the consumer in any way. Which is stupid in about fifty different ways.
    “Offing those rich pigs with their own forks and knives, and then eating a meal in the same room, far out! The Weathermen dig Charles Manson.”-- Bernadine Dohrn

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    Re: Effects of Minimum Wage

    Have you considered the impacts of monopsony power in your analysis, as did Card and Krueger?

  9. #9
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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.

    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.

    CNN.com - Transcripts
    TUCKER: So what if wages rose and conditions improved dramatically? Would consumers have to dig a lot deeper into their pocket to pay for their fruits and vegetables?

    The simple, bottom-line answer is no. In fact, wages could rise by 40 percent, according to one study, rising above the poverty level. And the average food bill for fresh fruits and vegetables would increase by less than $10 a year.

    PROF. PHIL MARTIN, UNIV. OF CALIF. DAVIS: The important thing for Americans to understand is that they don't spend much on fresh fruits and vegetables, and farmers don't get very much of the retail dollar. On a $1 head of lettuce, the farmer gets about 18 cents, and the cost of wages and benefits is about six cents.

    TUCKER: The average American family spends $370 on fresh fruits and veggies. Of that, only $65 goes to the farmer. Farm workers get $22 of the farmer's share. The remaining $305 is split up by the companies which transport the food, wholesalers, marketers, and grocery stores.


    The Seattle Times: Local News: Low-paid illegal work force has little impact on prices


    More than 7 million illegal immigrants work in the United States. They build houses, pick crops, slaughter cattle, stitch clothes, mow lawns, clean hotel rooms, cook restaurant meals and wash the dishes that come back.

    You might assume that the plentiful supply of low-wage illegal workers would translate into significantly lower prices for the goods and services they produce. In fact, their impact on consumer prices — call it the "illegal-worker discount" — is surprisingly small.

    The bag of Washington state apples you bought last weekend? Probably a few cents cheaper than it otherwise would have been, economists estimate. That steak dinner at a downtown restaurant? Maybe a buck off. Your new house in Subdivision Estates? Hard to say, but perhaps a few thousand dollars less expensive.

    The underlying reason, economists say, is that for most goods the labor — whether legal or illegal, native- or foreign-born — represents only a sliver of the retail price.

    Consider those apples — Washington's signature contribution to the American food basket.

    At a local QFC, Red Delicious apples go for about 99 cents a pound. Of that, only about 7 cents represents the cost of labor, said Tom Schotzko, a recently retired extension economist at Washington State University. The rest represents the grower's other expenses, warehousing and shipping fees, and the retailer's markup.

    And that's for one of the most labor-intensive crops in the state: It takes 150 to 190 hours of labor to grow and harvest an acre of apples, Schotzko said, compared to four hours for an acre of potatoes and 1 ˝ hours for an acre of wheat.
    Last edited by jamesrage; 09-03-09 at 06:55 PM.
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  10. #10
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    Re: Effects of Minimum Wage

    The correct answers are:

    Greater buying power
    Greater unemployment
    Higher prices
    More businesses close

    Obviously it's going to lead to greater buying power for the people who are working those jobs. In a select few cases (like Ford Motor Co. in the early 1900s), increased wages might increase buying power enough to offset some of the negative effects.

    It will definitely lead to greater unemployment. This is a basic truism of economics: If you artificially increase the price of something (e.g. labor) above the market price, it's going to lead to a surplus.

    It will generally lead to higher prices too. Businesses will pass at least part of that cost off to their consumers. And it will cause more businesses to close, especially in low-skill / low-profit industries like small retail.

    Overall, the minimum wage is a net negative...and it prevents people whose labor is not worth $8 per hour from finding a job at all.
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