View Poll Results: Should min wage be removed?

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  • Yes

    28 31.46%
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    61 68.54%
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Thread: Should min wage be removed?

  1. #131
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    Re: Should min wage be removed?

    Quote Originally Posted by megaprogman View Post
    Ahh, real numbers, such as the average work week for US workers, or those numbers that you helpfully provided.

    Please tell me how a 16% reduction in the price of something does not help a low income worker. This should be interesting.
    Based off of my and yours original calculation there was an increase in the price greater than the minimum wage provided.
    @7.50/hr*40hr the burger (at 1.09) = .47% of wages
    @3.15/hr*40hr the burget (at 0.59) = .36% of wages
    I do not accept your second set of numbers since you altered the minimum wage from 3.15 to 3.25. This is what I meant that you made the numbers say what you want them to say. Now for the increase in price you also figure in inflation.

    What cost $.59 in 1988 would cost $1.06 in 2009. That .59 cents was back in 1988 when minimum wage was 3.15 an hour is now worth $1.06, but the hamburger is 3 cents more. Ergo, the prices of goods have outpaced the minimum wage.
    Last edited by The_Patriot; 10-07-10 at 07:35 PM.

  2. #132
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    Re: Should min wage be removed?

    Quote Originally Posted by The_Patriot View Post
    Based off of my and yours original calculation there was an increase in the price greater than the minimum wage provided.


    I do not accept your second set of numbers since you altered the minimum wage from 3.15 to 3.25. This is what I meant that you made the numbers say what you want them to say. Also, your second set of numbers do not account for a week's worth of meals, so that also alters your data. Would you actually care to try to be more accurate in your calculations? Now for the increase in price you also figure in inflation.

    What cost $.59 in 1988 would cost $1.06 in 2009. That .59 cents was back in 1988 when minimum wage was 3.15 an hour is now worth $1.06, but the hamburger is 3 cents more. Ergo, the prices of goods have outpaced the minimum wage.
    I apologize for fat fingering a number. I do find it interesting that you are challenging a post that I altered based on your criticisms in an attempt to be more accurate at 34.2 hours opposed to 40 hours, based on government employment information.

    However, at 7.50 an hour, a burget is still at .42% while at 3.25 it is at .55%. The guy making 7.50 is still better off.

    As far as the rest of your post, I can not look at the data since your link does not work.
    Last edited by tacomancer; 10-07-10 at 07:36 PM.

  3. #133
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    Re: Should min wage be removed?

    Quote Originally Posted by megaprogman View Post
    I apologize for fat fingering a number. I do find it interesting that you are challenging a post that I altered based on your criticisms in an attempt to be more accurate at 34.2 hours opposed to 40 hours, based on government employment information.

    However, at 7.50 an hour, a burget is still at .42% while at 3.25 it is at .55%. The guy making 7.50 is still better off.
    Only when you don't account for inflation. After inflation, the guy making 7.50 is worse off then the guy making 3.15 since the 3 cents for inflation takes up .028% of the 1.09. This adds to your .42% for a total of .7% which is .15% higher then the guy making 3.15.

    EDIT: My apologies on the link not working, but it works now.
    Last edited by The_Patriot; 10-07-10 at 07:36 PM.

  4. #134
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    Re: Should min wage be removed?

    Quote Originally Posted by The_Patriot View Post
    Only when you don't account for inflation. After inflation, the guy making 7.50 is worse off then the guy making 3.15 since the 3 cents for inflation takes up .028% of the 1.09. This adds to your .42% for a total of .7% which is .15% higher then the guy making 3.15.

    EDIT: My apologies on the link not working, but it works now.
    The inflation is already factored in the price increases of the burger, you are counting it twice.

  5. #135
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    Re: Should min wage be removed?

    Quote Originally Posted by megaprogman View Post
    The inflation is already factored in because prices have increased. You can't count it twice.
    Actually, I've shown that inflation and the minimum wage effect isn't fully factored in since 59 cents in 1988 is equal to 1.06 in 2009. A hamburger costs 1.09 so you have to account for the additional 3 cents.

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    Re: Should min wage be removed?

    Quote Originally Posted by The_Patriot View Post
    Actually, I've shown that inflation and the minimum wage effect isn't fully factored in since 59 cents in 1988 is equal to 1.06 in 2009. A hamburger costs 1.09 so you have to account for the additional 3 cents.
    You are aware that inflation is an average and will not affect all industries the same right? Also, you are aware that more than likely McDs will probably have better/more efficient processes that have brought down the cost to offset labor rates? heck, we went from apples to full on data centers since that time as an example.

    Company costing and pricing is not the same as inflation and those two things cannot be used interchangeably. Do you even understand how a business works?
    Last edited by tacomancer; 10-07-10 at 07:47 PM.

  7. #137
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    Re: Should min wage be removed?

    Quote Originally Posted by megaprogman View Post
    You are aware that inflation is an average and will not affect all industries the same right? Also, you are aware that more than likely McDs will probably have better/more efficient processes that have brought down the cost to offset labor rates? heck, we went from apples to full on data centers since that time as an example.
    It doesn't make a difference since I'm comparing the average price of what a hamburger from McDs cost in 1988 to what it costs now. It shows that minimum wage only makes people poorer through the glass floor effect and inflation.

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    Re: Should min wage be removed?

    Quote Originally Posted by The_Patriot View Post
    It doesn't make a difference since I'm comparing the average price of what a hamburger from McDs cost in 1988 to what it costs now. It shows that minimum wage only makes people poorer through the glass floor effect and inflation.
    If you have to compare apples to oranges to prove you point, than you have none.

    Also, taking a look at your link (thanks for fixing it), if the minimum wage had gone up at the pace of inflation, it would have been 5.82/hr in 2009, obviously 7.50 is higher. Thus wages are increasing faster than hamburgers, even with a 3 cent difference. Now we are comparing apples to apples
    Last edited by tacomancer; 10-07-10 at 07:52 PM.

  9. #139
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    Re: Should min wage be removed?

    Quote Originally Posted by phattonez View Post
    You're still engaging in the broken window fallacy when you make the argument that minimum wage supports investment in capital goods.
    The broken window fallacy? That is a small amount of unemployment, and it does not prove that we are worse off anyways. The market wage could be below the amount that maximizes the workers search effort. A minimum wage could make workers better off even if it caused increased unemployment.

  10. #140
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    Re: Should min wage be removed?

    No it should not be removed. That is unless we all want more people living on the government dole. People making min wage now can qualify for some government aid in many cases. Can you imagine if companies could now pay persons a fraction of the current min. wage? People would be much better off getting government assistance and not working at all vs working for $2 a hour.

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