View Poll Results: Should min wage be removed?

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

  1. #31
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    Re: Should min wage be removed?

    Quote Originally Posted by Camlon View Post
    When the buying power of their wage is decreases, then their wage is decreasing in real terms. Real wage is adjusted for inflation and can't get eroded by inflation.

    Here is inflation asjusted minimum wage. it has decreased.
    Inflation is an indication of buying power of money. According to your chart, inflation has decreased the buying power of wages, which isn't in dispute. Wages have increased as evidenced by the increase in minimum wage. Buying power is not =/=wages. Buying power is how much goods can a single dollar purchase, which according to your chart it can't really purchase anything nowdays.

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    Re: Should min wage be removed?

    Quote Originally Posted by liblady View Post
    no, nor do i believe an entry level worker should be paid the same as a ceo. i said the gap is too large, and it is, imo.

    and clearly, my ceo has no idea what it takes to keep a company running profitably, since he hasn't been up to the task.
    The gap is big, because the CEO is very important to keep profits up. A bad employee may cost the company 30-40K US dollar. A bad CEO will bancrupt the company and cost them houndreds of million dollar. That's why the CEO has higher wage. Of course, you may have bad luck and get a bad CEO even if you pay a lot of money. But the chance of that is less if you pay more.

  3. #33
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    Re: Should min wage be removed?

    Quote Originally Posted by The_Patriot View Post
    As evidenced by the figures I posted concerning minimum wage increases can you say that minimum wage has actually helped them make a living wage? What is a living wage in your definition? I've already disproven your assertation that a higher minimum wage puts more money in the pockets of the employees. In fact, it has removed more money from their pocket when combined with inflation.
    It's common sense that higher wages put more money in the pockets of employees. If we lowered minimum wage back to $5.50 an hour would that mean those workers have more money and wealth? So give people less and they will have more? I can say that minimum wage helps people in their living expenses. Do you really think inflation will go down and workers will have more wealth if we lower minimum wage?
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  4. #34
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    Re: Should min wage be removed?

    Quote Originally Posted by liblady View Post
    no, nor do i believe an entry level worker should be paid the same as a ceo. i said the gap is too large, and it is, imo.

    and clearly, my ceo has no idea what it takes to keep a company running profitably, since he hasn't been up to the task.
    But you do right? Stating that he doesn't and providing examples are two different things.

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    Re: Should min wage be removed?

    Quote Originally Posted by The_Patriot View Post
    Inflation is an indication of buying power of money. According to your chart, inflation has decreased the buying power of wages, which isn't in dispute. Wages have increased as evidenced by the increase in minimum wage. Buying power is not =/=wages. Buying power is how much goods can a single dollar purchase, which according to your chart it can't really purchase anything nowdays.
    Yes, the minimum wage has imcreased, but you wrote this
    Quote Originally Posted by The_Patriot View Post
    Minimum wage hasn't decreased in real terms.
    That's wrong!
    Last edited by Camlon; 10-07-10 at 11:09 AM.

  6. #36
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    Re: Should min wage be removed?

    Quote Originally Posted by The_Patriot View Post
    But you do right? Stating that he doesn't and providing examples are two different things.
    i can't give you the name of my company, but the ceo is ultimately responsible for our financial condition.

    no, i don't have the skills to run this company.......but neither does he. i never claimed i did, so stop putting words in my mouth.

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    Re: Should min wage be removed?

    Quote Originally Posted by digsbe View Post
    It's common sense that higher wages put more money in the pockets of employees. If we lowered minimum wage back to $5.50 an hour would that mean those workers have more money and wealth? So give people less and they will have more? I can say that minimum wage helps people in their living expenses. Do you really think inflation will go down and workers will have more wealth if we lower minimum wage?
    Yet, I've shown that increases in minimum wage have not translated into employees having more wealth and money. In fact, the opposite is true. The cost of my sample shows that the value of the dollar has dropped more with an increase in minimum wage from $3.15 an hour to $7.50 an hour. This is a net loss in value of 1.5% for wages when combined with inflation. Prices go up and the amount of what the dollar can buy goes down when minimum wage goes up. How is that putting more money and wealth into the hands of the worker?

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    Re: Should min wage be removed?

    Quote Originally Posted by liblady View Post
    i can't give you the name of my company, but the ceo is ultimately responsible for our financial condition.

    no, i don't have the skills to run this company.......but neither does he. i never claimed i did, so stop putting words in my mouth.
    I never asked for the name of your company. I didn't even ask you to provide examples. Your argument is that the entry level worker should earn more money while bosses should earn less. I disagree since they do not have the same responsibilities nor effect to the company.

  9. #39
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    Re: Should min wage be removed?

    Quote Originally Posted by The_Patriot View Post
    Yet, I've shown that increases in minimum wage have not translated into employees having more wealth and money. In fact, the opposite is true. The cost of my sample shows that the value of the dollar has dropped more with an increase in minimum wage from $3.15 an hour to $7.50 an hour. This is a net loss in value of 1.5% for wages when combined with inflation. Prices go up and the amount of what the dollar can buy goes down when minimum wage goes up. How is that putting more money and wealth into the hands of the worker?
    the data Camlon posted disproves that assertion. There are more factors to inflation than minimum wage. The value of the dollar has constantly dropped, when has it raised? I think the value of the dollar dropping and minimum wage increasing is not causation, but correlation. There are other factors like national debt and printing money that determine inflation.
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    Re: Should min wage be removed?

    Quote Originally Posted by Camlon View Post
    Yes, the minimum wage has imcreased, but you wrote this


    That's wrong!
    Yes, because we all know that Buying Power=/=Minimum Wage.

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