View Poll Results: Should min wage be removed?

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  • Yes

    28 31.46%
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Thread: Should min wage be removed?

  1. #151
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    Re: Should min wage be removed?

    Quote Originally Posted by drz-400 View Post
    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.
    oops, you were right.

  2. #152
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    Re: Should min wage be removed?

    Quote Originally Posted by drz-400 View Post
    Congress should just get paid MW.
    They get a big paycheck, plus all they can steal. We should all be paid so well...
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  3. #153
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    Re: Should min wage be removed?

    Quote Originally Posted by pbrauer View Post
    Do you have any statistics to back up this malarkey?
    Minimum wage - Wikipedia, the free encyclopedia

    Read the Background section, as a minimum. An employer has a certain amount of funding available and will spend that to get the best workers, leaving a limit amount to hire unskilled workers. The higher the min wage the less the number that can be hired.
    "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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  4. #154
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    Re: Should min wage be removed?

    Quote Originally Posted by pbrauer View Post
    That's a typical response from those that are against the minimum wage.
    If it's a typical response then what's the typical retort? I mean surely if it's the typical response and minimum wage is good, then minimum wage supporters would be able to to argue against the contention.

    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
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  5. #155
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    Re: Should min wage be removed?

    Quote Originally Posted by drz-400 View Post
    I can't find the full text but here is the abstract:


    -Charles Brown, Curtis Gilroy, and Andrew Kohen "Time Series Evidence on the Effect of the Minimum Wage on Youth Employment and Unemployment"

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    Those are time-series studies. They don't compare a replica of the situation with as there would be without. Meaning, lots of variables change in those studies and they're just not reliable. Furthermore, we're only looking at data in a certain range. Minimum wage has always been around a certain level of average purchasing power (to state it in an awkward way). So while 10% in this range may only mean a 1-3% change in employment, in another range it may be different.

    Now let's not forget black male teenagers.

    Earlier this year, economist David Neumark of the University of California, Irvine, wrote on these pages that the 70-cent-an-hour increase in the minimum wage would cost some 300,000 jobs. Sure enough, the mandated increase to $7.25 took effect in July, and right on cue the August and September jobless numbers confirm the rapid disappearance of jobs for teenagers.

    . . .

    Hardest hit of all: black male teens, whose unemployment rate shot up to a catastrophic 50.4%. It was merely a terrible 39.2% in July.
    I know, I'm using the same time-series analysis that I criticized before. But free market economists have always expected minimum wage to hurt the lowest level of society. Inexperienced blacks (in this case teenagers) seem to be very badly hurt by minimum wage, it seems.

    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.
    That doesn't really respond to the point. If companies would be better off making capital investments, then why do we have to force them to do it? Why wouldn't they just do it willingly?

    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

  6. #156
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    Re: Should min wage be removed?

    Btw, if we are going to talk about minimum wage, let's first settle what the ACTUAL minimum wage is.

    $7.50/hour. PLUS
    Social Security matching at 6.2%, so that's an extra $0.465/hour.
    Medicare matching is at 2.9%, so that's an extra $0.2175/hour.

    FUTA is a little more complicated. And it's insignificant, so I'm not going to consider it.

    So the real, federal minimum wage is actually $8.18. Just worth nothing that these employer matching taxes do have to be taken into account.

    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

  7. #157
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    Re: Should min wage be removed?

    Quote Originally Posted by Korimyr the Rat View Post
    Yes. Labor is essentially a market good; its price is determined by the same forces of supply and demand that govern every other market good. Government policies, like price controls on other goods, can alter the price of a good but not its value meaning that the minimum wage decreases the demand for labor and thus reduces the amount of labor that businesses choose to purchase. It drives people out of jobs and depresses the wages of jobs that would otherwise be worth more than the minimum wage.

    If we want to help the working class in this country, we should working on keeping jobs here rather than driving them overseas.
    Well thats all wel and good but are you suggesting people should be working for like 10 cents an hour?
    The third-rate mind is only happy when it is thinking with the majority. The second-rate mind is only happy when it is thinking with the minority. The first-rate mind is only happy when it is thinking.

  8. #158
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    Re: Should min wage be removed?

    Quote Originally Posted by American View Post
    Minimum wage - Wikipedia, the free encyclopedia

    Read the Background section, as a minimum. An employer has a certain amount of funding available and will spend that to get the best workers, leaving a limit amount to hire unskilled workers. The higher the min wage the less the number that can be hired.
    You're saying that employers hire employees the same way housewives shop at the grocery store? That's just silly, they hire employees to get the job done.


  9. #159
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    Re: Should min wage be removed?

    yes the MW should be eliminated on a federal level because the constitution does not authorize such a law and means people not worth MW won't be hired.



  10. #160
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    Re: Should min wage be removed?

    Quote Originally Posted by TurtleDude View Post
    yes the MW should be eliminated on a federal level because the constitution does not authorize such a law and means people not worth MW won't be hired.
    your likely to head for civil war if you dont.
    The third-rate mind is only happy when it is thinking with the majority. The second-rate mind is only happy when it is thinking with the minority. The first-rate mind is only happy when it is thinking.

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