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Edited by Bucket of Tears:
2/24/2013 6:28:42 PM
19
The minimum wage should be abolished, and here's why.
Minimum wage is actually bad economic policy and hurts the people it is supposed to help, despite myths describing the opposite. Here are the reasons why it should be abolished:
1. The minimum wage, while meant to act as a wage floor, in reality works as a wage ceiling. I.e. there are only a certain amount of jobs available at that wage, and the amount of people willing to work at that wage often exceeds the supply, which means you have unemployment for that group (you know, the group its supposed to help). [url=http://www.bloomberg.com/news/2011-04-28/mcdonald-s-hires-62-000-during-national-event-24-more-than-planned.html]In 2011, McDonalds hired 62,000 people, but had to turn away almost 1 million other applicants.[/url] Employers also have no incentive to pay someone higher, even if they become more productive at a low skill job.
2. The minimum wage does not allow the market to clear. If there was no minimum wage, companies would be able to bid for workers and negotiate a wage at a level that would satisfy both supply and demand, and clear the market of those looking for jobs. In other words, a market wage would be established where companies and people would have to compete for these jobs, which would lead to more positions being filled and more jobs, because competition drives down wages, initially (in low skilled jobs).
This video also explains quite simply why minimum wage is bad policy: [url]http://www.youtube.com/watch?v=AbuJYhX3prc[/url]
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Your ideals would work in a perfect world where we are all based on an honor system and could actually trust our employers. But we don't. So unless the market is willing to lower the cost of its food and other merchandise, then I don't see how this would work. Companies would always try their hardest to hire workers at the lowest rates possible, and at that point I really don't see the point in having a job at all. The cost of living in my area is a bit high, some of the lower-end apartments are still mostly over $1,000 a month. So you're telling me that we should drop minimum wage and let companies decide how much we make, when minimum wage is already at like $9.60 (or so) an hour? A wage that's already unlivable as it is? As for your argument: "Well why don't we just raise minimum wage to $1,000?". Why can't we just raise it to a million? Because that's absurd, and you're being absurd to defend yourself. You're in college taking economics, but you're not an expert because of that. You obviously have a lot to learn still, mostly in the department of real life experience.
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3 RepliesWouldn't that increase the amount of people on welfare though? Seems like a lose/lose situation to me :/
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7 RepliesLook at Hong Kong a once thriving unmatched Metropolis under British Rule, one of the places history looks to show the good side of the Empire. Now China has taken over its going down hill quickly and abolished minimum wage, people cannot feed themselves or live in slums sometimes 5 people to a small room. If you want people to live in slums and increase the crime rate then abolish minimum wage.
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2 RepliesEveryone in Washington in charge of economics, currently, has FAR more economics education than you. Do you REALLY believe that you have some exclusive insight on this? LOL People like you make the rest of us chuckle.
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3 RepliesI dont think a lot of people in this thread honestly understand basic economics. My minor is economics, and Im in some pretty advanced courses right now. Simple math and graphs can prove what I am saying is true. I will pose this question to those who think we should keep the minimum wage or raise it: Why not raise it to $1000 and we'll all be rich?
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2 RepliesEdited by Lincoln Osiris: 2/24/2013 10:20:53 PMThis video explains why conservatives are full of BS: [url]http://www.youtube.com/embed/oIQdYXCKUv0[/url]
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Abolishing the minimum wage would require a deep reassessment of economic policy as a whole. I doubt there would be a smooth transition. Not to mention what it would do to people whose lifestyles rely on the minimum wage.
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4 RepliesSure. Let's do that. Now, the only way this will work is if companies simultaneously, and instantly, reduce their prices of goods by a significant amount. Gas can't still be $4/gal while I'm making $3 and hour.
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I'll leave this here.
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3 RepliesAlas, nobody here will agree with you because they hate freedom.
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7 RepliesTruth. Sweat shops even save lives. You can either take the pay an employer offers you or not. Whining about it and using tyrannical force just makes you a thief. You can't be charitable with other people's money.
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What about this video? [url]http://www.youtube.com/embed/wJLaRhTKzw8[/url]
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6 RepliesSo, you prefer to have people work with no pay and prefer people to work in sweat shops? Okay then.
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1 ReplyIf somebody doesn't like the way their employer pays them, tell them to start their own business and give everybody $9 base pay. Nothing is stopping them. If they don't want to then they can shut the hell up and let people run their own business.
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7 RepliesI'd take human rights over economic sustainability any day.
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Your first point has seriously confused me. Are you implying that the applicants turned down by McDonalds have no chance at another job which pays at the same level as minimum wage?
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There is a VIDEO? Then it must be true!
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Not sure about you but when I work, I like to be payed enough to sustain myself.
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No, you cannot get rid of minimum wage
