View Poll Results: Should min wage be removed?

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  • Yes

    28 31.46%
  • No

    61 68.54%
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Thread: Should min wage be removed?

  1. #141
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    Re: Should min wage be removed?

    Quote Originally Posted by drz-400 View Post
    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.
    How do you prove that it is a small amount of unemployment? If it was a better proposition, then why don't companies do it willingly?

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  2. #142
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    Re: Should min wage be removed?

    Quote Originally Posted by Baralis View Post
    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.
    Minimum wage has no effect on the marginal productivity of labor.

    Who shall ascend the hill of the Lord? And who shall stand in his holy place? He who has clean hands and a pure heart, who does not lift up his soul to what is false, and does not swear deceitfully. Psalm 24
    "True law is right reason in agreement with nature . . . Whoever is disobedient is fleeing from himself and denying his human nature [and] will suffer the worst penalties . . ." - Cicero

  3. #143
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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.

    As far as the rest of your post, I can not look at the data since your link does not work.
    The proportions of both of your fractions should be the same. However both of you had math errors. The only difference between yours and patriots (if he had divided the correct numbers) would have been yours would be 34.2 times smaller. They would be the same proportions. It does not matter if you compare with 1 day, 1 hour, or 1 minute.

    Let me illustrate:

    .59/3.25 = .1815

    1.09/7.5 = .1453

    .1815/.1453 = 1.249

    .59/(3.25 * 34.2) = .005308

    1.09/(7.5 * 34.2) = .0042495

    .005308/.0042495 = 1.249

    The scalar cancels out.

    Also, since the inflation adjusted price of the burger is a higher percentage of the 3.25 wage, the lower wage is worse off.

  4. #144
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    Re: Should min wage be removed?

    My sister currently makes about $.75 over minimum wage. She is single and currently living in a 1 bdrm aprtmt. I highly doubt that if the government decided to completely remove minimum wage, that many of the stores wouldn't take advantage of it, and lower their current employees' wages, especially where she works and they don't have enough workers but don't want to hire more or give those on PT extra hours. So she suddenly gets a pay cut of even a dollar or 2 so that the store can hire more employees, and she can't afford to live there anymore, along with many of the other people she works with. The price of her apartment or those in the area are not going to suddenly drop overnight or even within a couple of months. Just like the cost of food, gas, and utilities won't drop nearly as fast as a wage cut takes effect. But people still have to pay their rent, utilities, phone bills, and buy food and gas. They still have to make car payments and insurance payments. Very few people who are working at minimum wage are making enough money to actually save for that fall back money, especially if they are just starting to be out on their own. Dropping the minimum wage now, or completely eliminating it all together would be disastrous in the real world. Even if you assume that such a thing would cut the costs of many goods and possibly services, it still would take much more time for those cuts to be seen than it would for someone to have to experience the pay cuts that would most likely result in evictions, huge increases in people on government assistance, many, many people with lower credit scores, less money to spend to boost the economy, and overall bad things happening to the economy.
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  5. #145
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    Re: Should min wage be removed?

    Quote Originally Posted by phattonez View Post
    So if we made minimum wage $1 million, then we'd increase production by so much that we'd all be rich!
    That's a typical response from those that are against the minimum wage.


  6. #146
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    Re: Should min wage be removed?

    Quote Originally Posted by The_Patriot View Post
    One of the unintended consequences of minimum wage is that it pushes younger workers out of the labor force by the removal of entry level jobs. The younger workers are removed from the labor pool because businesses want to hire people with experience and younger workers do not have it. Minimum wage also impacts minorities more since minorities are often at a disadvantage in the market for entry level jobs. History of racism plays a role in this as well due to the stereotypes that certain races are lazy etc...
    Do you have any statistics to back up this malarkey?


  7. #147
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    Re: Should min wage be removed?

    Quote Originally Posted by phattonez View Post
    How do you prove that it is a small amount of unemployment? If it was a better proposition, then why don't companies do it willingly?
    I can't find the full text but here is the abstract:

    Our updated estimates indicate that a 10 percent increase in the federal minimum wage (or the coverage rate) would reduce teenage (16-19) employment by about 1 percent, which is at the lower end of the range of estimates from previous studies. Because of substantial labor force withdrawal, the unemployment effects are practically zero. These minimum wage effects differ very little by sex, and there is no strong evidence that the effects vary by race. The study also finds a significant-albeit small-unemployment impact for young adults (20-24) and examines the consequences of numerous alternative statistical and mathematical specifications of the estimating model.
    -Charles Brown, Curtis Gilroy, and Andrew Kohen "Time Series Evidence on the Effect of the Minimum Wage on Youth Employment and Unemployment"

    JSTOR: An Error Occurred Setting Your User Cookie

    Your second question:

    If we have competitive markets a company cannot set prices, remember. If we have a monopsony, or some amount of market power firms will obviously price labor to benefit them more. There is evidence though that some companies would pay more than the market clearing price willingly though, it is called efficiency wages.
    Last edited by drz-400; 10-07-10 at 08:46 PM.

  8. #148
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    Re: Should min wage be removed?

    Quote Originally Posted by samsmart View Post
    Yes, the minimum wage should be removed. Because the gap between the wealthy and the poor just isn't wide enough for my liking.
    Minimum wage should be indexed to congressional pay. If congress votes itself 5 %, MW should go up 10 %....
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  9. #149
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    Re: Should min wage be removed?

    Quote Originally Posted by UtahBill View Post
    Minimum wage should be indexed to congressional pay. If congress votes itself 5 %, MW should go up 10 %....
    Congress should just get paid MW.

  10. #150
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    Re: Should min wage be removed?

    Quote Originally Posted by Korimyr the Rat View Post
    Moderator's Warning:
    Should min wage be removed?Why don't you post some original commentary to go with your link?
    I think you should have deleted this thread when he didn't comply.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
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