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. #41
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    Re: Should min wage be removed?

    Quote Originally Posted by digsbe View Post
    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.
    Let's go back to my original figures.

    @7.50/hour the burger (1.09)=6.8% of the hourly wage
    @3.15/hour the burger (.59)=5.3% of the hourly wage

    Increasing minimum wage hasn't put more money into the pockets of the worker. In fact, minimum wage has removed more money from workers. I never brought up inflation, but Camlon did.

  2. #42
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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?
    So you're actually saying that minimum wage increases will only cause inflation to increase faster than the minimum wage?

    That's for certain not true. There are many countries that has increased their minimum wage faster than inflation. For instance New Zealand under labour from 1999-2008. Actually the majority of the countries have done so. The reason the minimum wage has dropped in the US in real terms, is because the minimum wage hasn't been increased very much. None of the republicans bothered to increased it and Clinton didnt increase it very much either.

    Quote Originally Posted by The_Patriot View Post
    Yes, because we all know that Buying Power=/=Minimum Wage.
    You're digressing. You said the real minimum wage has increased. That's wrong.

    BTW: Real minimum wage is equal to buying power for minimum wage earners.
    Last edited by Camlon; 10-07-10 at 11:21 AM.

  3. #43
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    Re: Should min wage be removed?

    Quote Originally Posted by The_Patriot View Post
    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.
    you posted this:

    But you do right? Stating that he doesn't and providing examples are two different things.
    i can't provide an example, and i never posted that i could run my company. i also posted that the gap was too large. as to effect on the company, clearly our ceo has been detrimental, so he should make less.

    Originally Posted by johnny_rebson:

    These are the same liberals who forgot how Iraq attacked us on 9/11.


  4. #44
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    Re: Should min wage be removed?

    Quote Originally Posted by Camlon View Post
    So you're actually saying that minimum wage increases will only cause inflation to increase faster than the minimum wage?

    That's for certain not true. There are many countries that has increased their minimum wage faster than inflation. For instance New Zealand under labour from 1999-2008. Actually the majority of the countries have done so. The reason the minimum wage has dropped in the US in real terms, is because the minimum wage hasn't been increased very much. None of the republicans bothered to increased it and Clinton didnt increase it very much either.
    I never said anything of the sort. I did say that minimum wage and inflation are an indication of buying power. Yes, it's well known that inflation erodes the buying power of money. The only cause for inflation is the printing of fiat currency. Minimum wage affects the base cost of a good. When combined together minimum wage has increased, but the buying power of the money has decreased due to inflation. That is what I said.

  5. #45
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    Re: Should min wage be removed?

    Quote Originally Posted by liblady View Post
    you posted this:



    i can't provide an example, and i never posted that i could run my company. i also posted that the gap was too large. as to effect on the company, clearly our ceo has been detrimental, so he should make less.
    I asked you for an honest answer. I'm not much for using the theory of the value of labor, but a worker has every right to refuse a wage that they think is unfair. They can also demand a wage that is higher. It doesn't mean that they'll get it though. It just means that their labor is up for sale and they are the ones that can determine its value.

  6. #46
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    Re: Should min wage be removed?

    No, the minimum wage is necessary to prevent an America that transforms into Mexico.

  7. #47
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    Re: Should min wage be removed?

    Yes, for all the reasons others have stated.

  8. #48
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    Re: Should min wage be removed?

    Hell no it shouldn't be removed, the minimum wage protects unskilled people from being taken advantage of. The is a minimum price for human labor, if you can't afford to pay minimum wage you probably shouldn't be in business.


  9. #49
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    Re: Should min wage be removed?

    Remove minimum wage? Might as well bring back slavery then...
    PeteEU

  10. #50
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    Re: Should min wage be removed?

    The minimum wage is an important hedge for how the economy actually works. Although theoretically an employee can negotiate themselves a market-driven value for their pay, reality is never that simple. Financial desperation, localized economic distortions and imperfect information all make it easy to get away with paying substandard wages. As we can see from the 19th century, that tends toward poverty, riots, strikes and communism. Accepting a certain amount of economic inefficiency for social stability is a fair trade.

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