Expectations of Minimum Wage

[EdwardBaiamonte]

Eliminating the federal minimum wage rate would be net detrimental to our nation's economy. That would reduce the purchasing powers of the median wage, which indicates the minimum's effects upon all of our nation's wages. Low wage employees would be the most severely impacted and poverty would increase.

Total economic illiteracy of course! There is no free lunch. We could raise minimum to $50/hr if artificially increasing purchasing power was sound objective. Supposin has 1001 free lunch interventions because he lacks IQ to understand capitalism.

 

[EdwardBaiamonte]

Opposition to the federal minimum wage rate is not an indication of intelligence, but it reveals a meanness of character.

Reasons intelligent people oppose minimum wage:

1) makes it illegal to employ people not worth minimum wage
2) raise prices for poor people who often shop where minimum wage folks work
3) speeds up automation and replacement of minimum wage jobs
4) teaches workers that you get ahead with govt violence rather than being worth more
5) raises prices, reduces demand, and thus reduces employment
6) makes American workers even less competitive with foreign workers
7) makes a huge % of work force (42%) minimum age workers with no incentive to improve their skills.
8) speeds up transition from high density brick and mortar employment to low density on line employment
9) encourages govt to enact more libsocialist policies to get more votes from the supposed beneficiaries

 

[Toddsterpatriot]

Reasons intelligent people oppose minimum wage:

1) makes it illegal to employ people not worth minimum wage
2) raise prices for poor people who often shop where minimum wage folks work
3) speeds up automation and replacement of minimum wage jobs
4) teaches workers that you get ahead with govt violence rather than being worth more
5) raises prices, reduces demand, and thus reduces employment
6) makes American workers even less competitive with foreign workers
7) makes a huge % of work force (42%) minimum age workers with no incentive to improve their skills.
8) speeds up transition from high density brick and mortar employment to low density on line employment
9) encourages govt to enact more libsocialist policies to get more votes from the supposed beneficiaries

I suppose all major industrial nations have something that functions similarly to USA's federal minimum wage rate. Eliminating the federal minimum wage rate would be net detrimental to our nation's economy. That would reduce the purchasing powers of the median wage, which indicates the minimum's effects upon all of our nation's wages. Low wage employees would be the most severely impacted and poverty would increase.

Opposition to the federal minimum wage rate is not an indication of intelligence, but it reveals a meanness of character.
Refer to:
www.usmessageboard.com/threads/minimum-wage-is-a-character-issue.689714/

I'm a proponent for annually increasing the federal minimum wage rate by 12.5% until it exceeds 25% of its February 1968 Cost-Price Index value. That minimum rate should be annually readjusted (if required), to thereafter retain its purchasing power.

Respectfully, Supposn

Eliminating the federal minimum wage rate would be net detrimental to our nation's economy.

Baloney

That would reduce the purchasing powers of the median wage

From what.....to what?

I'm a proponent for annually increasing the federal minimum wage rate by 12.5% until it exceeds 25% of its February 1968 Cost-Price Index value.

I already showed you, 25% would be less than $3 per hour.
Are you making silly mistakes because you're stupid? Or are you drunk?

 

[Supposn]

I'm a proponent for annually increasing the federal minimum wage rate by 12.5% until it exceeds 25% of its February 1968 Cost-Price Index value. That minimum rate should be annually readjusted (if required), to thereafter retain its purchasing power. ...

... I already showed you, 25% would be less than $3 per hour.
Are you making silly mistakes because you're stupid? Or are you drunk?

ToddsterPatriot, I thought you were pretending to be ignorant. I was wrong.
The federal minimum wage rate was increased to $1.60 per hour in February-1968.

CPI Inflation Calculator
Purchasing power of $1.60 in February-1968 is equal to $11.83 in February-2019.

(125%)(11.83) = $14.78

You believe I was proposing a 12.5% increase until its value was equal to $2.96?

 

[Toddsterpatriot]

I'm a proponent for annually increasing the federal minimum wage rate by 12.5% until it exceeds 25% of its February 1968 Cost-Price Index value. That minimum rate should be annually readjusted (if required), to thereafter retain its purchasing power. ...

... I already showed you, 25% would be less than $3 per hour.
Are you making silly mistakes because you're stupid? Or are you drunk?

ToddsterPatriot, I thought you were pretending to be ignorant. I was wrong.
The federal minimum wage rate was increased to $1.60 per hour in February-1968.

CPI Inflation Calculator
Purchasing power of $1.60 in February-1968 is equal to $11.83 in February-2019.

(125%)(11.83) = $14.78

You believe I was proposing a 12.5% increase until its value was equal to $2.96?

ToddsterPatriot, I thought you were pretending to be ignorant.

If I was, I'd post like you....instead of pointing out your errors and idiocy.

Purchasing power of $1.60 in February-1968 is equal to $11.83 in February-2019. (125%)(11.83) = $14.78​

So WTF did you post, more than once, "until it exceeds 25% of its February 1968"?​

 

[rightwinger]

Removing minimum wage allows employers to exploit low skilled workers. Because they are easily replaced, it is simple to threaten them if they are unsatisfied. Just because you can exploit someone doesn’t mean you should

Because they are easily replaced

Yes, people with few skills and little or no experience are easily replaced.

Which is why they need protection from a minimum wage

Just because you can exploit someone doesn’t mean you should

Stopping them from getting jobs isn't helpful.

It doesn’t stop them from getting jobs

The market adjusts to a higher wage. It always has

It doesn’t stop them from getting jobs

If someone adds $6 an hour of value, but they can't be hired for less than $8 an hour, they won't be hired.

The market adjusts to a higher wage.

You're right. By eliminating the jobs of the least productive.

Value has little to do with the wage
It is based on what they can get someone to accept

Business does not employ superfluous workers. If it takes four workers to man a shift, you do not hire five

 

[rightwinger]

I'm a proponent for annually increasing the federal minimum wage rate by 12.5% until it exceeds 25% of its February 1968 Cost-Price Index value. That minimum rate should be annually readjusted (if required), to thereafter retain its purchasing power. ...

... I already showed you, 25% would be less than $3 per hour.
Are you making silly mistakes because you're stupid? Or are you drunk?

ToddsterPatriot, I thought you were pretending to be ignorant. I was wrong.
The federal minimum wage rate was increased to $1.60 per hour in February-1968.

CPI Inflation Calculator
Purchasing power of $1.60 in February-1968 is equal to $11.83 in February-2019.

(125%)(11.83) = $14.78

You believe I was proposing a 12.5% increase until its value was equal to $2.96?

ToddsterPatriot, I thought you were pretending to be ignorant.

If I was, I'd post like you....instead of pointing out your errors and idiocy.

Purchasing power of $1.60 in February-1968 is equal to $11.83 in February-2019. (125%)(11.83) = $14.78

So WTF did you post, more than once, "until it exceeds 25% of its February 1968"?​

How does $7.25 look?

 

[dblack]

I'm a proponent for annually increasing the federal minimum wage rate by 12.5% until it exceeds 25% of its February 1968 Cost-Price Index value. That minimum rate should be annually readjusted (if required), to thereafter retain its purchasing power. ...

... I already showed you, 25% would be less than $3 per hour.
Are you making silly mistakes because you're stupid? Or are you drunk?

ToddsterPatriot, I thought you were pretending to be ignorant. I was wrong.
The federal minimum wage rate was increased to $1.60 per hour in February-1968.

CPI Inflation Calculator
Purchasing power of $1.60 in February-1968 is equal to $11.83 in February-2019.

(125%)(11.83) = $14.78

You believe I was proposing a 12.5% increase until its value was equal to $2.96?

It be easier, and more honest, to just admit to a typo. You meant 125%, not 25%. In any case, I still have to ask, why stop there? $15/hr isn't much. Do you want people to be poor?

 

[Toddsterpatriot]

Because they are easily replaced

Yes, people with few skills and little or no experience are easily replaced.

Which is why they need protection from a minimum wage

Just because you can exploit someone doesn’t mean you should

Stopping them from getting jobs isn't helpful.

It doesn’t stop them from getting jobs

The market adjusts to a higher wage. It always has

It doesn’t stop them from getting jobs

If someone adds $6 an hour of value, but they can't be hired for less than $8 an hour, they won't be hired.

The market adjusts to a higher wage.

You're right. By eliminating the jobs of the least productive.

Value has little to do with the wage
It is based on what they can get someone to accept

Business does not employ superfluous workers. If it takes four workers to man a shift, you do not hire five

Value has little to do with the wage

Baloney.

 

[dblack]

Which is why they need protection from a minimum wage

Just because you can exploit someone doesn’t mean you should

Stopping them from getting jobs isn't helpful.

It doesn’t stop them from getting jobs

The market adjusts to a higher wage. It always has

It doesn’t stop them from getting jobs

If someone adds $6 an hour of value, but they can't be hired for less than $8 an hour, they won't be hired.

The market adjusts to a higher wage.

You're right. By eliminating the jobs of the least productive.

Value has little to do with the wage
It is based on what they can get someone to accept

Business does not employ superfluous workers. If it takes four workers to man a shift, you do not hire five

Value has little to do with the wage

Baloney.

I dunno. I kind of agree with the statement. Monkeying with wages doesn't change the value of labor, just the price. Raising the minimum wage won't change the value of the work being done, it just says if your work isn't worth the new wage, you can't work. Sorry. Get in the bread line.

 

[Toddsterpatriot]

I'm a proponent for annually increasing the federal minimum wage rate by 12.5% until it exceeds 25% of its February 1968 Cost-Price Index value. That minimum rate should be annually readjusted (if required), to thereafter retain its purchasing power. ...

... I already showed you, 25% would be less than $3 per hour.
Are you making silly mistakes because you're stupid? Or are you drunk?

ToddsterPatriot, I thought you were pretending to be ignorant. I was wrong.
The federal minimum wage rate was increased to $1.60 per hour in February-1968.

CPI Inflation Calculator
Purchasing power of $1.60 in February-1968 is equal to $11.83 in February-2019.

(125%)(11.83) = $14.78

You believe I was proposing a 12.5% increase until its value was equal to $2.96?

ToddsterPatriot, I thought you were pretending to be ignorant.

If I was, I'd post like you....instead of pointing out your errors and idiocy.

Purchasing power of $1.60 in February-1968 is equal to $11.83 in February-2019. (125%)(11.83) = $14.78

So WTF did you post, more than once, "until it exceeds 25% of its February 1968"?​

How does $7.25 look?

For the bottom 2% of workers, looks fine.

 

[Toddsterpatriot]

Stopping them from getting jobs isn't helpful.

It doesn’t stop them from getting jobs

The market adjusts to a higher wage. It always has

It doesn’t stop them from getting jobs

If someone adds $6 an hour of value, but they can't be hired for less than $8 an hour, they won't be hired.

The market adjusts to a higher wage.

You're right. By eliminating the jobs of the least productive.

Value has little to do with the wage
It is based on what they can get someone to accept

Business does not employ superfluous workers. If it takes four workers to man a shift, you do not hire five

Value has little to do with the wage

Baloney.

I dunno. I kind of agree with the statement. Monkeying with wages doesn't change the value of labor, just the price. Raising the minimum wage won't change the value of the work being done, it just says if your work isn't worth the new wage, you can't work. Sorry. Get in the bread line.

Monkeying with wages doesn't change the value of labor,

Exactly. That's why fewer unskilled workers are hired at $10 than at $7.25.

 

[dblack]

It be easier, and more honest, to just admit to a typo. You meant 125%, not 25%. In any case, I still have to ask, why stop there? $15/hr isn't much. Do you want people to be poor?

I'm pretty sure Supposn won't answer this question. They never do. But here's why:

Advocates for minimum wage laws usually invest a lot of energy trying to convince us that there are no negative repercussions to setting, or raising a minimum wage. According to them, doing so will cause no unemployment, no price inflation - it will have no downside whatsoever. They're lying of course. They know damned well it will harm some people. And they know that the more they raise it, the more people it will harm. They're just convinced that if they keep the minimum wage trivially low, the harm will be negligible. But if it's trivially low, what's the point??? If they really believed what they claim, that there are no downsides to raising the minimum wage, why wouldn't they make the minimum wage high enough that we're all rich?

Because they don't believe that. They are lying.

 

[rightwinger]

I'm a proponent for annually increasing the federal minimum wage rate by 12.5% until it exceeds 25% of its February 1968 Cost-Price Index value. That minimum rate should be annually readjusted (if required), to thereafter retain its purchasing power. ...

... I already showed you, 25% would be less than $3 per hour.
Are you making silly mistakes because you're stupid? Or are you drunk?

ToddsterPatriot, I thought you were pretending to be ignorant. I was wrong.
The federal minimum wage rate was increased to $1.60 per hour in February-1968.

CPI Inflation Calculator
Purchasing power of $1.60 in February-1968 is equal to $11.83 in February-2019.

(125%)(11.83) = $14.78

You believe I was proposing a 12.5% increase until its value was equal to $2.96?

It be easier, and more honest, to just admit to a typo. You meant 125%, not 25%. In any case, I still have to ask, why stop there? $15/hr isn't much. Do you want people to be poor?

There has not been a min wage increase for ten years

$15 an hour will allow the wage to make up for lost wages over the last ten years, as well as for the ten years to the next one

 

[rightwinger]

It doesn’t stop them from getting jobs

The market adjusts to a higher wage. It always has

It doesn’t stop them from getting jobs

If someone adds $6 an hour of value, but they can't be hired for less than $8 an hour, they won't be hired.

The market adjusts to a higher wage.

You're right. By eliminating the jobs of the least productive.

Value has little to do with the wage
It is based on what they can get someone to accept

Business does not employ superfluous workers. If it takes four workers to man a shift, you do not hire five

Value has little to do with the wage

Baloney.

I dunno. I kind of agree with the statement. Monkeying with wages doesn't change the value of labor, just the price. Raising the minimum wage won't change the value of the work being done, it just says if your work isn't worth the new wage, you can't work. Sorry. Get in the bread line.

Monkeying with wages doesn't change the value of labor,

Exactly. That's why fewer unskilled workers are hired at $10 than at $7.25.

Because they have little bargaining power. Makes them easily exploited

 

[rightwinger]

$20/hour minimum wage in the USA.

What are the pros and cons of a $20/hr
minimum wage?

Reasons intelligent people oppose minimum wage:

1) makes it illegal to employ people not worth minimum wage
2) raise prices for poor people who often shop where minimum wage folks work
3) speeds up automation and replacement of minimum wage jobs
4) teaches workers that you get ahead with govt violence rather than being worth more
5) raises prices, reduces demand, and thus reduces employment
6) makes American workers even less competitive with foreign workers
7) makes a huge % of work force (42%) minimum age workers with no incentive to improve their skills.
8) speeds up transition from high density brick and mortar employment to low density on line employment
9) encourages govt to enact more libsocialist policies to get more votes from the supposed beneficiaries

Removing minimum wage allows employers to exploit low skilled workers. Because they are easily replaced, it is simple to threaten them if they are unsatisfied. Just because you can exploit someone doesn’t mean you should

Because they are easily replaced

Yes, people with few skills and little or no experience are easily replaced.

Which is why they need protection from a minimum wage

Just because you can exploit someone doesn’t mean you should

Stopping them from getting jobs isn't helpful.

Historically, it hasn’t.

The market has adjusted

 

[dblack]

It doesn’t stop them from getting jobs

If someone adds $6 an hour of value, but they can't be hired for less than $8 an hour, they won't be hired.

The market adjusts to a higher wage.

You're right. By eliminating the jobs of the least productive.

Value has little to do with the wage
It is based on what they can get someone to accept

Business does not employ superfluous workers. If it takes four workers to man a shift, you do not hire five

Value has little to do with the wage

Baloney.

I dunno. I kind of agree with the statement. Monkeying with wages doesn't change the value of labor, just the price. Raising the minimum wage won't change the value of the work being done, it just says if your work isn't worth the new wage, you can't work. Sorry. Get in the bread line.

Monkeying with wages doesn't change the value of labor,

Exactly. That's why fewer unskilled workers are hired at $10 than at $7.25.

Because they have little bargaining power. Makes them easily exploited

No amount of bargaining power will make trivial jobs worth more. The reason burger flippers at fast food restaurants don't make much is because we (me and you) don't value the work they do very much. We like fast food because it's cheap. If the cost goes up, we'll eat less of it, and there will be less burger flipping jobs....

Wait a minute, what am I doing? You don't give a shit about reason or logical argument. My bad. Carry on.

 

[DGS49]

The Federally (or State) mandated "minimum wage" itself, regardless of its price point, is an economic abomination. It is a supervening force setting the price for a commodity without regard for the actual economic value of that commodity.

Every reputable economist in the world recognizes this principle; even the current Leftist Whore Paul Krugman acknowledged this economic fact in his original Econ text book - before he started whoring for the Left.

Every price mandate creates a class of winners and a class of losers. Leftist politicians continually try to conceal who the losers in their policy initiatives are, or simply deny their existence. With the Minimum Wage, the Winners are obvious - if you can actually find them: they are the people who have their rate of compensation increased and do not suffer job loss or loss of hours. Hooray for them!

The Losers - much more numerous - are the employers who have to pay the higher wages, the employees who lose their jobs or have their hours cut, the customers who have to pay a higher price, and the would-be employees who will not be hired because their unskilled work is not worth the new Minimum Wage.

Lost in the discussion is the fact that there is an informal and natural minimum wage in all places and at all times. The natural minimum wage is the lowest price (wage) that an employer can pay and still get people to work for him/her. In my suburban area, no one will work for less than $9/hr. That's what all the fast food joints pay here, as well as other small business who employ people at MW.

Leftists like to highlight stories of how the local MW was raised in some high cost of living area, and there were NO JOB LOSSES! Hooray! But that's because the natural minimum wage in that area was not exceeded. If you make the same increase in MW universal, then it WILL cause job and hour losses in the areas where the natural minimum wage is lower than the new mandate.

Any time the price of some commodity is increased above the economic value of that commodity, three things happen: (1) the consumers of that commodity use less of it, (2) the consumers seek out alternatives, and (3) if the difference between the mandated price and the economic value is great enough, a "black market" will be created.

Imagine a state tax of $50 on single-serving packs of potato chips (proportionate taxes on larger size bags). (1) people will eat less potato chips, (2) they will seek out alternative salty snacks, and (3) some people will begin making potato chips in their basement and selling them out of the trunks of their cars.

Raise the national MW to $15, effective immediately, and (1) headcount and hours will be cut, (2) automation will be implemented wherever technically possible, and (3) there will be millions of people around the country either working illegally, or getting paid under the table.

It ain't rocket science.

 

[Toddsterpatriot]

It doesn’t stop them from getting jobs

If someone adds $6 an hour of value, but they can't be hired for less than $8 an hour, they won't be hired.

The market adjusts to a higher wage.

You're right. By eliminating the jobs of the least productive.

Value has little to do with the wage
It is based on what they can get someone to accept

Business does not employ superfluous workers. If it takes four workers to man a shift, you do not hire five

Value has little to do with the wage

Baloney.

I dunno. I kind of agree with the statement. Monkeying with wages doesn't change the value of labor, just the price. Raising the minimum wage won't change the value of the work being done, it just says if your work isn't worth the new wage, you can't work. Sorry. Get in the bread line.

Monkeying with wages doesn't change the value of labor,

Exactly. That's why fewer unskilled workers are hired at $10 than at $7.25.

Because they have little bargaining power. Makes them easily exploited

Because they don't add enough value to warrant more.

 

[Toddsterpatriot]

Reasons intelligent people oppose minimum wage:

1) makes it illegal to employ people not worth minimum wage
2) raise prices for poor people who often shop where minimum wage folks work
3) speeds up automation and replacement of minimum wage jobs
4) teaches workers that you get ahead with govt violence rather than being worth more
5) raises prices, reduces demand, and thus reduces employment
6) makes American workers even less competitive with foreign workers
7) makes a huge % of work force (42%) minimum age workers with no incentive to improve their skills.
8) speeds up transition from high density brick and mortar employment to low density on line employment
9) encourages govt to enact more libsocialist policies to get more votes from the supposed beneficiaries

Removing minimum wage allows employers to exploit low skilled workers. Because they are easily replaced, it is simple to threaten them if they are unsatisfied. Just because you can exploit someone doesn’t mean you should

Because they are easily replaced

Yes, people with few skills and little or no experience are easily replaced.

Which is why they need protection from a minimum wage

Just because you can exploit someone doesn’t mean you should

Stopping them from getting jobs isn't helpful.

Historically, it hasn’t.

The market has adjusted

Historically, it hasn’t.

You're simply wrong.

The market has adjusted

Yes, by reducing headcount and driving marginal businesses under.