Do you feel that increasing basic minimum wage payments will improve the American economy?
Do you believe that minimum wage should be DONE AWAY with once and for all? Why? Why not? There are those who believe that minimum wage jobs are merely a step up to gain experience & some quick cash-such jobs WEREN'T meant to be a permanent condition. There are others who strongly maintain that people working such jobs should have a comfortable standard of living.
When you raise the minimum wage and it isn't due to demand for labor, you'll only raise prices - nullifying the benefit for those receiving the minimum wage AND hurting those who make just above what is the new minimum wage with a reduction in their buying power.
And due to automation to decrease demand for labor, companies like Carrier relocating factories from the US and illegal immigrants undercutting wages for Americans competing for jobs that can't be automated or relocated, you CANNOT justify a wage increase. You'll only see more automation, outsourcing and use of under the table labor.
Just look at the way the economy improved under Bill Clinton! Paying the poor and middle class good wages stimulates the economy to the point where the government budget actually has a SURPLUS of money and can pay off the National debt, with funds still left over! Tax cuts only allow people to "catch up" on a few bills. The rich already have enough tax cuts to fund a small country.
Moving some of the surplus money back into the infrastructure and education will put MANY Americans back to work or in to learning real marketable skills so they can compete in the changing job market.
New jobs are going to be huge in the robotics, automation, computer programming sector, renewable energy, and social services. People need to get prepared for that.
As usual, with the aging of America, the job market in health care will remain incredibly huge. Get training now!
Increasing the minimum wage increases the competition among the existing workforce. It also reduces the number of jobs that can afford to pay higher wages for the same work.
It increases the tax revenue for the government without giving any benefits to the employer that now has to increase its payroll costs.
It will most likely result in more people on welfare because they were not able to beat the competition for the higher paying minimum wage jobs.
The consumer will have to pay more for products and services, allowing already lower priced foreign products to gain more customers.
You know, here is a novel idea! Buy American! Quit buying lower cost crap fro China and Other countries. Boycott companies that keep their money out of America!
You made a statement, you didn't comment on my comment.
And you didn't understand my statement on your comment. I don't feel like trying to explain it to you either. Re-read your last paragraph.
Context is gained by reading the entire comment.
BTW you can't buy American made products, even the American brands are made overseas.
Name some of them. You can't even buy a US tourist trinket without it being made in China. None of the electronics are made in the US. At best you can't find more than 1% American Made.
I don't buy "trinkets. I buy only what I need, never junk made in foreign countries. I mostly buy groceries and my car is American made. I use American contractors and workers when I need a project done. Dell computers
What is your car, let us see where it is actually made. So you don't have any electronics, and you know for a fact that Dell manufactures your computer without any foreign parts.
Dell is also the co that shafted 10000s of employees.
I also NEVER shop at Walmart. Dells are made here in Austin, they may use some foreign parts because they have to. They cut employees because they automated. People need to learn new skills like robotics for jobs. Car/Detroit made. I'm not Leslie btw
Sadly, as it turns out Dell Computers has manufacturing plants all over ASiA., it has units in Japan, china, India, Singapore and others.
Mr. Dell did it to increase his profits. He thanks you for supporting him.
Damn. They have two manf. Plants here in Austin. THOSE BUMS. guess I'll find a new place to buy my computer then.
The problem is, by increasing minimum wage by too much, small businesses would have to fire employees to save money. Also, prices and the cost of living would rise. Law abiding citizens who stay long term in low wage jobs have the option of receiving government financial aid to return to school and get a better education, and hence, a better paying job. There are quite a few low-priced accredited universities with open enrollment online.
The problem with most discussions and implementations of minimum wage is that they are not tied to any measure of the economy or cost of living. Without this measure, increases are often excessive and arbitrary, resulting in lost jobs, sharp increases in costs of living, disruptions in the economy, etc., and updates typically occur long after they are needed.
An example of an appropriate implementation of minimum wage would be a wage that is tied to the average regional cost of living for, say, a parent and child, for the previous year, at a level that would keep them off public assistance. A standard for measuring costs of living would need to be agreed upon, and if data were released on a quarterly basis, businesses would have an indication of what to expect for the upcoming year.
In my opinion, a minimum wage is needed for the following reasons:
a) Many people who work minimum wage jobs, for a variety of reasons, are not in a position to advocate for themselves, or negotiate with the often rigid and overpowering forces that drive wages downward.
b) All employees deserve, at minimum, fair and just compensation for their time and service, equivalent to a minimum living wage.
c) Even assuming that minimum wage jobs are "entry level", people must be able to sustain themselves in a way that enables them to reach the next level.
d) Compensation that does not enable someone to sustain themselves is slavery, or worse.
e) A minimum wage tied to economic conditions such as a cost of living index, would be market driven, self regulating, and it would help regulate the market.
f) Inappropriately under-compensated individuals end up relying on public assistance, and both they and their employers, who benefit from this situation, become public leeches.
g) Periodic minimum wage adjustments provide a gentle "dither" to the system of economic entropy, reducing the likelihood of stagnation and economic bubbles. http://bayes.wustl.edu/etj/articles/ent … nomics.pdf
Final note: In several instances I have used the word compensation rather than wage. It is my opinion that minimum compensation might be a better concept than minimum wage, as compensation may be provided in forms other than monetary. Regardless of the form of compensation, a monetary equivalence should be demonstrable.
by alexandriaruthk 8 years ago
What are the pros and cons of increasing the minimum wage in the present state of the US economy?lower the gap between the middle class and the rich, etc.
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