Minimum Wage Laws

Baloney over looks the impact of a whole lot of things and ignores reality.

 

That's because minimum wage varies between 7.25 and 15 an hour. What ever you make minimum wage two things will happen automatically, there will be fewer unskilled jobs and costs will increase. The placed I worked in Alabama is a case in point. When minimum wage was 3.30 and hour the janitorial staff had fifteen people.It had eight after minimum wage increased to 515 and when it hit 7.25 they laid of the rest bought a giant riding vacuum cleaner and which one of us would hop on about once a week and spend 30 minutes riding up and down the aisles. We also had to shovel the scrap metal out of our own lathes.

 

That is a review of the empirical evidence. Reality thinks you've gone off on one again!

 

Again, you've not understood supply and demand. You can only refer to the standard marginal cost argument if the firm is a wage taker. If it's a wage maker then it faces an upward sloping labour supply. That means there is a distinction between marginal and average labour costs. The profit maximization process then means reducing employment in order to induce rent by increasing the wedge between marginal revenue product of labour and wage. A minimum wage can then increase both wage and employment.

It's a shame that you're so belligerent when you make such basic error.

 

That is a review of roughly one tenth of one percent of the available most of it cherry picked without any consideration at all for what else was going on in the economy at the time.

 

Minimum wage is great if you want to bankrupt companies or have them fire half their staff to make payroll.

You know, like every place that has implemented $15 min wage already. NY and Seattle, for example.

We already have real world examples of what happens. Will leftists observe real world facts? Nope.

 

Sorry, but that is untrue. Have you read it? If so, you would be lying. I don't believe you have mind you.

 

Can you refer to one empirical study published in a well known economic journal that supports your position? If so, please present the doi. If not, why not?

 

I can refer you to the real world.

https://www.nytimes.com/2017/06/26/business/economy/seattle-minimum-wage.html

https://www.investors.com/politics/...en-fires-hundreds-of-workers-after-it-passes/

https://evans.uw.edu/sites/default/files/NBER Working Paper.pdf

https://ny.eater.com/2019/2/19/18226831/minimum-wage-restaurant-reaction-nyc-finances

 

Most of that is tabloidism. You do refer to one working paper. Didn't you check if its published?

The amusing aspect, mind you, is that we would expect an unemployment effect from a living wage. As I said earlier, the focus is changed. We switch from minimising underpayment to encouraging structural change in the economy.

 

Raising the minimum wage has more to do with illegal aliens who have drepressed wages and made many jobs undesirable.

Flipping burgers or cleaning toilets or cutting lawns were never intended to be a lifelong career to raise a family on.

Working at McDonalds or part time in some market were intended for high school students or college students or as entry level jobs and never intended to be career jobs where you could pay the rent and raise a family on.

With California PC living wage laws jobs are being killed and robots are now doing thje jobs that illegal aliens use to do.

Who's getting hurt the most ?
Senior citizens on a fixed incomes and the working poor.

Go into any fast food restaurant in California today and you are paying anywhere from 20% to 80% more fou the same item sold in any other state.

Six years ago there were bed bug motels to stay at in California for $45 per night. Today because of California's fair living laws and minimum wages it's $100 a night to sleep with the same bed bugs.

 

Problem is that prescribing a minimum wage is a socialistic policy- one sided, has nothing to do with productivity or value. Employers must consider productivity and value, and if help available at the minimum wage does not allow the profit required to support it, those jobs will disappear. One of the ways is automation, which is of course growing at an unprecedented rate with the aid of the technology now at our disposal. That means- that lower skilled and lower motivated people cab just get priced out of any job.

We don't prescribe the minimum price for a product produced by labor where such a wage is prescribed. The employer paying that wage has no guarantees or back-ups, while employees have many.
Customers want the right to buy or not buy depending on the value they see in a product or service. An employer IS the customer of the employee. One would think it only fair that just like all other customers- he should be able to seek the best value for his money.

We don't really have a wage problem- we have a motivation and performance problem. Employers are always, always, looking for quality help- and I assure you that is is tough to find, and pays well when it is found.

 

The federal minimum wage was $1.60 in 1971. It was $2 in 1975. If the minimum wage was simply kept up with the CPI, it would be about $12 today. States have historically set their own minimum wage when one higher than the federal wage was justified. Washington D.C. led the list in higher minimum wages.

Your last sentence above seems to imply that you mistakenly believe that all states must precisely match the federal wage.

 

So I take it you disagreed with the minimum wage in the 60s and 70s.

 

Never disagreed with it and really didn't gave a **** about the minimum wage back in the day.

After I got out of the "crotch" (Marine Corps) in 71, housing was cheap, beer was cheap and quickly larned a useful trade that paid a decent wage.

Taxes were low, a six pack of Coors was less than $1.10, a Big Mac was around .49 cents and I could live on the beach where the rent was $90 per month.

Didn't even have to push "one" for english but then again it was an analog rotary dial phone.

 

No, it's just the actual real world effects of why your Madden white board is wrong.

 

A nothing response to what was mentioned. So you don't know if its published? You don't know that living wage analysis is completely different to minimum wage (which is structured on static market failure correction)? Up your reading.

 

COST OF LIVING.
Sure $15/hr might make YOU Middle Class in Oklahoma
but, what about D.C. or L.A.


Just Say "No!" to national minimum wage idiocy.
and too

 

Sure, if by "nothing" you mean real world results of actually implementing your fantasy economic league strategy.

 

You haven't referred to the real world. You've given tabloidism and then avoided the meaning of a working paper.

 

Minimum wage laws stifle wage competition which hurts the poorest willing to work but are passed over for those with better qualifications, even if they don't work as hard. The higher the minimum wage is, the worse the problem is.

The real fix for wages is low unemployment, which we have now. Last time we had low unemployment service companies were paying above minimum wage just to attract workers.

 

Can you refer to an economic study that finds the minimum wage increases poverty?

 

Nice ramble.

Why are you opposed to keeping the minimum wage up with inflation? (the CPI)

 

Minimum wages reduce employment. Is it better to have a lower paying job or no job at all?

https://wol.iza.org/uploads/articles/464/pdfs/employment-effects-of-minimum-wages.pdf

 

Neumark is out on his own regarding minimum wage effects on unemployment. The majority of studies reject his findings. Where does he support your nonsense over poverty? He does refer how "minimum wages may help policymakers address
public demands to combat rising inequality"