Minimum Wage Increase Passed In Senate; Now Senate/House Must Compromise - Page 2 - U2 Feedback

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Old 02-03-2007, 03:56 PM   #16
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Originally posted by Ormus


Because multinational corporations looking for countries to exploit have a lot of clout with these corrupt governments.
I wonder if those workers in "multinational corporate" factories in poor countries feel "exploited" making $2 an hour knowing most others in their country make much, much less doing much more dangerous work.
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Old 02-03-2007, 03:59 PM   #17
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Originally posted by BonoVoxSupastar


Were you an economics major?
No, does it show?
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Old 02-03-2007, 07:18 PM   #18
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Originally posted by INDY500

How is labor any different? If the price is too high--you sell less of it...be it gas, wine or labor.
Gas and wine don't have families to raise, rents to pay, medical expenses, etc.
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Old 02-03-2007, 07:22 PM   #19
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Originally posted by maycocksean
Here's a different perspective on the minimum wage bill:

It's going to damn near destroy our economy here in Saipan (which will be included in the minimum wage increase).

It seems like there should be a way to take that into account in a bill like this. Obviously, what constitutes a fair living wage is going to vary in different econonmic areas. It doesn't do anyone any good to raise the minimum wage to a point that the economy collapses, but at the same time the working poor in the US need a higher minimum wage. How anyone (congress! ) could think the minimum wage should be the same in those 2 places is beyond me.
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Old 02-03-2007, 07:27 PM   #20
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Originally posted by INDY500


No, does it show?
Yeah it kinda does...
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Old 02-03-2007, 07:59 PM   #21
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Well, mixing up production factors with outputs... where is the problem?
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Old 02-03-2007, 08:14 PM   #22
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Originally posted by BonoVoxSupastar


Yeah it kinda does...
Are you, then answer me this.

If raising the minimum wage to $7.25 is good, wouldn't $9.25 be even better? In fact, if raising the price of hiring people won't lower the demand, let's make the minimum wage an even $20.oo and shrink this gap between hourly employees and CEOs.
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Old 02-03-2007, 08:24 PM   #23
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Quote:
Originally posted by INDY500

If raising the minimum wage to $7.25 is good, wouldn't $9.25 be even better? In fact, if raising the price of hiring people won't lower the demand, let's make the minimum wage an even $20.oo and shrink this gap between hourly employees and CEOs.
It's more of a living wage than a minimum wage. Something like 29 states already have a minimum wage higher than the federal minimum anyway. This is the first increase in 10 years, and it's only $2 an hour. Meanwhile, CEO salaries have skyrocketed over the same period.
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Old 02-03-2007, 08:43 PM   #24
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Originally posted by ntalwar


It's more of a living wage than a minimum wage. Something like 29 states already have a minimum wage higher than the federal minimum anyway. This is the first increase in 10 years, and it's only $2 an hour. Meanwhile, CEO salaries have skyrocketed over the same period.
True, and it's very bothersome. But it's none of the governments business how much or how little businesses pay their employees or charge for their products and services.

Let's help lower wage working families, but raising the minimum wage is just as likely to go into the pockets of well-off kids working weekends at The Footlocker. Assuming they still have a job.
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Old 02-03-2007, 08:50 PM   #25
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Quote:
Originally posted by INDY500


True, and it's very bothersome. But it's none of the governments business how much or how little businesses pay their employees or charge for their products and services.

Let's help lower wage working families, but raising the minimum wage is just as likely to go into the pockets of well-off kids working weekends at The Footlocker. Assuming they still have a job.
How would you propose helping the working families, then, if not by raising wages?
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Old 02-03-2007, 08:51 PM   #26
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Quote:
Originally posted by INDY500


Are you, then answer me this.

If raising the minimum wage to $7.25 is good, wouldn't $9.25 be even better? In fact, if raising the price of hiring people won't lower the demand, let's make the minimum wage an even $20.oo and shrink this gap between hourly employees and CEOs.
Well, you have to consider that it has to be profitable.
In the beginnings of microeconomic studies you learn how to draw the demand and supply line into a graph, and find out the equilibrium. That would look like this
http://home.arcor.de/vincent_vega85/...mum%20wage.jpg

So, in this case the price is the wage and the supply the number of workers.
The minimum wage is set above the market equilibrium, because if it was set at the equilibrium point, which is where the two lines cross, it wouldn't make any sense.
So, instead of paying the workers $7 they now get $8.

Lacking some better graphs at the moment you have to be fine with this one.
If you sat the wage at, say $20, no one would produce anymore since labour cost would be too high. If possible they would substitute it by machinery, otherwise they will shut down.

I'm sure your answer was half tongue-in-cheek.

So, the minimum wage only makes sense when it is still profitable for the producer to work, thus it can't be set too high.
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Old 02-03-2007, 08:57 PM   #27
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Quote:
Originally posted by INDY500

True, and it's very bothersome. But it's none of the governments business how much or how little businesses pay their employees
I would argue it is a fair labor issue that is the government's business. It falls under the same category as child labor laws, job safety laws, and overtime laws.
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Old 02-03-2007, 09:52 PM   #28
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Couple the minimum wage hike with a nice maximum wage...

I'm serious.
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Old 02-03-2007, 10:12 PM   #29
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Originally posted by INDY500
Makes sense politically I suppose, but economically, minimum wages never make sense. If they really provided a living wage with no untoward economic effects, why don't poor countries around the globe just "minimum wage" themselves out of poverty?
I would tend to agree.

In Ireland, a minimum wage was only relatively recently introduced (approximately a decade ago), and currently the legal minimum wage is relatively high by international standards - but we have a very high cost of living, whereas in a much larger country like the US, there are regions where the cost of living is very high but other regions where it is really relatively low.

It's economic nonsense to suggest that raising or lowering the minimum will MATERIALLY affect actual wages paid.

That said, on ethical grounds, I am generally in favour of minimum wages provided they are set at an economically justifiable level.
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Old 02-03-2007, 10:15 PM   #30
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Originally posted by CTU2fan
Couple the minimum wage hike with a nice maximum wage...

I'm serious.
Apparently it was actually tried out in Sweden but didn't work out too well!

http://en.wikipedia.org/wiki/Maximum_wage
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