Review of 100+ academic studies shows negative impact of minimum wage hikes

[Infohawk]

Wow. According to the anti-minimum wage "economists" on this forum, that should mean their economy is in ruin with rampant inflation and $25 cheeseburgers.

Not at all you stubborn moron. The argument is that their unemployment would be even lower and that their economy would be doing even better without it. At least be honest when you argue. I've said it before, there are rational arguments in defense of your position but you just don't know how to make them.

 

[chemwiz]

I like the part where you accuse your opponents of spouting rhetoric but then finish off with your own empty rhetoric. Your last statement is utterly meaningless.

My bad, I was really tired. The point I was trying to make is that there's different ways to prosperity, and some of them don't involve taking the money from those who don't have it. Economics can't be just about profit, it needs to have room in it for decency to humanity, too.

 

[Abwx]

Too much profit increase unemployement, but this,
no us media will talk about it...

 

[Throckmorton]

You're claiming that the minimum wage only reduces employment by 0.1% and puts much more money into people's pockets. YOU HAVE NO EVIDENCE FOR THAT.

It's a hypothetical example. You have no reason to think the employment decreases is MORE than that. The point is that improving the standard of living for a group of people can be worth a small decrease in employment.

 

[Throckmorton]

Not at all you stubborn moron. The argument is that their unemployment would be even lower and that their economy would be doing even better without it. At least be honest when you argue. I've said it before, there are rational arguments in defense of your position but you just don't know how to make them.

Australia's unemployment rate is 4.9% AND no one makes under $15 an hour.

Ours is 10% and no one makes under $7.25 an hour.

 

[bfdd]

Minimum wage needs to be abolished. We also need other protections so people aren't exploited and having huge profits only going to the upper management and Capitol.

 

[senseamp]

Increasing minimum wage reduces government subsidy to the employed through low income social programs, and requires the employer to pay sufficient wage to alleviate the need for such subsidy. I would not be surprised if this reduces demand for minimum wage labor, just like payroll deductions for social security do, but that is still a good government policy to pursue.

 

[shangshang]

Americans are too lazy to work in the strawberry fields (where minimum wage would mean something). So what's all this argument about anyway?

 

[CPA]

minimum wage should be scrapped.

 

[Abwx]

Australia's unemployment rate is 4.9% AND no one makes under $15 an hour.

Ours is 10% and no one makes under $7.25 an hour.

Very interesting numbers...

Since the US$ lost half of its value in a decade or so,
the australian and US minimum wages that once where
almost at parity are now double in australia in real terms...

This is evidence that abuse of printing press did defraud
US people of a sizeable part of their purchasing power...

That s the reason why chinese imports are so important,
as they conceal the PP losses...

 

[ShawnD1]

Americans are too lazy to work in the strawberry fields (where minimum wage would mean something). So what's all this argument about anyway?

-retail
-fast food

 

[soulcougher73]

I dont have an answer to this, but wouldnt getting rid of the minimum wage mean people working those jobs now would only be making like $2/hour eventually? I mean if the company can get people to work it for only $2/hour what would stop them from doing this? That is basically slave labor wages. Hell $7.25 is slave wages in my eyes.

 

[ShawnD1]

I dont have an answer to this, but wouldnt getting rid of the minimum wage mean people working those jobs now would only be making like $2/hour eventually? I mean if the company can get people to work it for only $2/hour what would stop them from doing this? That is basically slave labor wages. Hell $7.25 is slave wages in my eyes.

All depends on how expensive your city is. In my city, $600/mo for rent and utilities will land you in a shitty apartment in a fairly nice neighborhood. $7.25/h works out to roughly $14k per year. About half of that goes to rent at 600/mo. The other 600/mo can go to food, clothes, basic phone service, other.

It definitely sucks, but it's liveable if you can get full time hours. If the economy is so bad that you can't get full time hours, then you're in a lot of trouble.

 

[Acanthus]

Agreed, minimum wage is one of the worst laws out there and has many negative effects that will be dismissed or deflected by the left, just look in this thread.

It sounds great though right? Just pass a law saying no one can make less than this and poof! Instant prosperity! Liberal economic ideas FTL.

It is not about prosperity, it is about preventing the exploitation of the poor.

 

[Londo_Jowo]

Americans are too lazy to work in the strawberry fields (where minimum wage would mean something). So what's all this argument about anyway?

Throckmorton wants the minimum wage raised increased to $20/hour so he can get a pay raise. It appears that government pay for his current position in Hawaii $18.27/hr.

 

[ShawnD1]

It is not about prosperity, it is about preventing the exploitation of the poor.

Not really exploitation but the feeling of exploitation. Super angry poor people = stabby stabby and take yo money

 

[Throckmorton]

All depends on how expensive your city is. In my city, $600/mo for rent and utilities will land you in a shitty apartment in a fairly nice neighborhood. $7.25/h works out to roughly $14k per year. About half of that goes to rent at 600/mo. The other 600/mo can go to food, clothes, basic phone service, other.

It definitely sucks, but it's liveable if you can get full time hours. If the economy is so bad that you can't get full time hours, then you're in a lot of trouble.

Why do people leave their location info blank? I'd really like to know what city people are talking about when they make posts like this...

 

[Abwx]

All depends on how expensive your city is. In my city, $600/mo for rent and utilities will land you in a shitty apartment in a fairly nice neighborhood. $7.25/h works out to roughly $14k per year. About half of that goes to rent at 600/mo. The other 600/mo can go to food, clothes, basic phone service, other.

It definitely sucks, but it's liveable if you can get full time hours. If the economy is so bad that you can't get full time hours, then you're in a lot of trouble.

Lol....
200h/month = 1450$

Set aside the rent, are 800$ enough to pay for food, energy,
insurances, car credit and some basic services..?...

We dont even talk of retirement insurance savings...

 

[bfdd]

It is not about prosperity, it is about preventing the exploitation of the poor.

There are better more effective ways of doing it IMO. Taxing those companies which have disproportional pay more would be one way of doing it. Remember though there will ALWAYS be a low man on the totem pole and if you take to much advantage of them they will take the whole pole out from under you.

 

[ShawnD1]

Lol....
200h/month = 1450$

Set aside the rent, are 800$ enough to pay for food, energy,
insurances, car credit and some basic services..?...

We dont even talk of retirement insurance savings...

Since when is owning a car a fundamental human right?
No joke, my gf's rent (because she has room mates) is about the same cost as my car. $200/mo for the insurance, $200/mo for the gas, add in some maintenance costs and this thing looks pretty damn expensive. Keep in mind that's the cost of a car I already own. If I had car payments or if it was a ghetto used car that broke down a lot... holy shit that would be expensive. Cars are a very expensive luxury.

Bus pas is $84 in this city and yes my gf has a bus pass. Throckmorton, I live in Edmonton, Canada.

 

[Infohawk]

Australia's unemployment rate is 4.9% AND no one makes under $15 an hour.

Ours is 10% and no one makes under $7.25 an hour.

Do you really not understand that there are other factors at work?

 

[Infohawk]

It's a hypothetical example. You have no reason to think the employment decreases is MORE than that. The point is that improving the standard of living for a group of people can be worth a small decrease in employment.

I do have reason to think employment decreases by more than that. It's called the law of supply of law and demand. Your reasoning isn't even fair. How would you like to be the unemployed guy while your buddies make their new salaries at your expense?

 

[ShawnD1]

Do you really not understand that there are other factors at work?

Everything in australia is super expensive even after factoring in the conversion rate. Video games are $100. Gasoline is about $1.50/L which is about $5.60 per US gallon.

 

[fskimospy]

Nice straw man. Nobody's saying that the minimum wage destroys economies. The arguments is that they are not as efficient and that more people are unemployed than would otherwise be without a minimum wage.

This is probably correct. I love how people accept studies that they agree with and dismiss studies they don't agree with... based on absolutely nothing.

Now I haven't read this study in particular, but welfare state programs in general decrease economic efficiency. (with some exceptions) They do in fact provide other benefits that are useful to society however, and that's the argument people should be making if they want to support the minimum wage.

 

[AyashiKaibutsu]

That's what we need is even more people not even making enough money to eat. That'll keep this country from it's current course of sinking into the third world! We can just give them all welfare and then blame them for not making money like a smart person would have.