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9 Years Since Minimum Wage has been Increased





theLOGANhole
http://www.thenation.com/blogs/notion?pid=96743
Quote:

For the third time in two weeks, Republican leaders in the House of Representatives will prevent a vote today on raising the minimum wage.

In January, the annual Senate salary will rise to $170,000. Of course, many Senators are already millionaires, so that salary is really just a nice bonus.


Below The Minimum....

When will the government actually govern for the people and not for there pockets only. If you read the whole article it explains how the Congress is actually busy doing other things. We'll a big percentage of the population is under paid and is fighting to survive. I can't stand this....

What do you think?
Vrythramax
I have been saying for sometime now that I think the minimum wage should be raised. The people who are stuck in those jobs can barely make ends meet (if at all) and most are forced onto the public welfare roles just to survive. God help you if you have small chikdren in your household. The minumum wage as it stands right now put's you way under the poverty level....and it doesn't look like the government is in any big hurry to do anything about it....they have enough to live on so why should they care, and to think it was us poor folk who voted those selfish idiots into office in the first place Sad
smalls
The existence of a minimum wage is bad for poor people. Increasing minimum wage is even worse.
I know it sound counterintuitive at first, but an understanding of some very basic economics makes it seem very logical.
Other things equal, if you increase the price of something, the amount purchased is decreased. This is very, very basic supply and demand.
In the case of wages, this means that if wages are increased (arbitrarily), fewer workers will be hired. The only way to counter this would be to increase the prices for the goods produced by said workers. If the cost of those goods go up, then less of them will be purchased. Either way, the demand for those workers decreases.
Whenever the government tries to control how a business operates, it becomes less efficient. Less efficiency means lower output. Lower output means less economic growth.
--
For a couple of easy-to-read articles on this, check out:
From the Mises Institute
From the Cato Institute - From this article:
Quote:
...now that the Law of Demand has been repealed, why not increase the minimum wage to $20 an hour, or $100?

Great stuff!
alkady
Quote:
In January, the annual Senate salary will rise to $170,000. Of course, many Senators are already millionaires, so that salary is really just a nice bonus.


You can say all politicians these days are millionaires or come from wealthy and influencial families.
HoboPelican
smalls wrote:
The existence of a minimum wage is bad for poor people. Increasing minimum wage is even worse.

For a couple of easy-to-read articles on this, check out:
From the Mises Institute
From the Cato Institute


Not real impressed by info from Cato for this issue, since one of their main policy points is to push a free market. Not judging right or wrong, just that they may not be exactly neutral on this Wink

I most definitely am not an expert, but doesn't that reasoning imply we should turn down our next raise? Or, another thought, if all those people making minimum wages had more money, wouldn't that increase their buying power and thus increase the demand for products?

Either way, I think it is incredibly bad form to give YOURSELF a raise and spit on the poor. Just looks bad, ya know. Wink
Thundr n Lightning
smalls wrote:

--
For a couple of easy-to-read articles on this, check out:
From the Mises Institute
From the Cato Institute - From this article:
Quote:
...now that the Law of Demand has been repealed, why not increase the minimum wage to $20 an hour, or $100?

Great stuff!



I have to say, neither of those sources are exactly unbiased. Anyhow, although this is largely a supply and demand market, the minimum wage is way too low. As it stands, unemployment rates are not exactly at a low, and this would put the supply of those needing work larger than the demand of those needing workers. Unfortunately, this is great for business but not for the workers. For a drastic example, look to the Dust Bowl/Depression era.
Soulfire
I think you have to look at this a bit more in-depth. Turning down the proposed increase in minimum wage could be a way to prevent inflation. If minimum wage increases, companies will realize that they can charge more, and prices will rise.

Of course, I'm just speculating. The whole "line their pockets" thing is still an option too.
tribe
I am against the raise of the minimum wage. I don't care if a DEM or GOP presents it, it will be the hassle on the small business owners out there.

Think first off of stores and restaurants barely getting by and they have to have teens and others having these jobs, there going to have to give millions more to their workers.

I don't see any big concern for increasing it, I once had one of these jobs, and with some money management, you can do okay with it, not as a full time job of course, but if you need some extra dough, its fine.

I am against it, and what we have now is fare and until its so far in contrast with inflation, Keep it as it is.
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