You said that the general public would be against the removal of minimum wage. I asked for you to provide a source, so pony up a source.
You said that the general public would be against the removal of minimum wage. I asked for you to provide a source, so pony up a source.
the general public would be against removal of minimum wage...but of course the general public is made up of ****ing idiots.
Actually, you only reaffirmed my statement since I said that the price of the hamburger cost roughly the same percentage as it did under the old minimum. You just happen to prove that the percentage was higher under the new minimum wage.
You know that's impossible to calculate with any accuracy.
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.
Labor isn't a good; it's a factor of production. Minimum wage gives the incentive for companies to outsource.
We shouldn't be trying to keep those crappy jobs here. New, better job that are aided by technology, which makes the work easier and more efficient, are for what we should be striving. The way to accomplish that is easing the tax burden and hurdles for entrepreneurs and existing businesses.
I'm pretty sure no Americans would want to be manufacturing toasters or spoons. Americans need to learn two words: industry fluidity.
that's just not true...we will always need lower paying jobs for those who are unable to work at higher paying jobs.
Yeah particularly them ones with educations that can't find jobs in their field.. and take whatever they can get.
I just googled it.. prolly many more sources. The average American supports the min wage go around ask them yourself.. particularly them ones working in industries that pay min wage for years.
Two-Thirds of Americans Support Increase in Federal Minimum Wage, Poll Finds | All247News
Eventually that goalpost is going to fall off the field.
the general public would be against removal of minimum wage...but of course the general public is made up of ****ing idiots.
double the minimum wage. what is the most likely scenario?
a. the company absorbs the hit and deals with its labor cost doubling
b. the company "lays off" half its employees and requires the remaining half to work twice as hard
c. the company lays of some percentage of employees and raises the cost to consumer to make up the difference
I can't remember which is more accurate the CPI or Inflation.
Wouldn't be a total bad idea, as long as, the minimum wage was a true floor wage and not a sort of political football.
libertarians and conservatives should know that the public widely supports the min wage. Just sayin. You can blither on and on about it all you like but your not going to gain any fans in the general public to support the elimination of the min wage. Basically you are just showing your cards. By all means attack the min wage. At least people will start to understand what you stand for.
I wonder what the best way to get an idea of it would be.
What if we just maintain a low minimum wage as opposed to none at all?
Job search effort increases.
Labor force participation increases.
It gives incentives to increase the human capital of the least productive workers and for firms to invest in physical capital for these jobs.
Quality of the jobs increase.
Causes 2% of those under 24 to become unemployed.
Minimizes the effects of employer dominated markets.
There is no way with any accuracy. You have to look at what employment would be with minimum wage, and all other things being equal, what employment would be like without. This is impossible to do unless you have an experiment, and it is impossible to experiment on human behavior.
There would be one way to do this and that would be using historical data from the 18th, 19th, and early part of the 20th centuries against the data we have now. About 6 or 7 years ago I researched into historical wages and found that up until the Federal Reserve Act that wages were pretty much the same for almost 200 years. A miller in the 1750's made $2.50 a day and a miller in 1912 made the same amount. Though this may have a lot to do with the difference between being paid in fiat currency and gold backed currency then with minimum wage. Unfortunately, any look at the effects of minimum wage will have to include the differences between gold and fiat currency.
In real terms purchasing power increased greatly during that time period.
If you want to look at historical facts, look at trends in unemployment. There were times in US history where unemployment fell below 2%. The norm has become 5% and above since the advent of minimum wage (but I'm not going to say that minimum wage is the only culprit).
Actually, you only reaffirmed my statement since I said that the price of the hamburger cost roughly the same percentage as it did under the old minimum. You just happen to prove that the percentage was higher under the new minimum wage.
:roll: yes, because a 16% difference in the effective price of something is roughly the same percentage.
:roll: yes, because a 16% difference in the effective price of something is roughly the same percentage.
It could be depending on what your margin of error is.
According to your calculation the difference is .1% and under mine it was 1.5%, so yes it is roughly the same percentage.
Lets just use the average. However, we are in a recession, so normally hours would be higher, so it tilts to your favor. But I am feeling charitable today.
Employment Situation Summary
34.2*7.50= 256.5 1.09/256.5= .42%
34.2*3.25=111.15 .59/111.19= .50%
Except it didn't do that.
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