Minimum Wage Increase Passed In Senate; Now Senate/House Must Compromise - Page 4 - U2 Feedback

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Old 02-04-2007, 01:28 PM   #46
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Originally posted by ntalwar


If such a small percentage of hourly workers earn minimum wage, perhaps this is just "window dressing" legislation. Your predictions of economic doom as a result of a minimum wage hike have no historical basis. The minimum wage is set by an elected governemt (of /for/by the PEOPLE), so the government can do what it wants in this area.
They can, but should they is the question.

Minimum wage laws can set wages but they don't guarantee jobs. Workers are only hired and kept if that worker creates more revenue than they cost in wages and compensation. That price just went up. When the minimum wage is artificially too high then some experienced workers will benefit, but the very people that purportedly will be helped (entry-level, low-skilled workers) will actually be harmed by reductions in the job force.

Is $7.25 too high, too low? I don't know. But neither does the government.
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Old 02-04-2007, 01:31 PM   #47
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higher minimum wage => less jobs.

that's a fact.
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Old 02-04-2007, 01:44 PM   #48
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Quote:
Originally posted by U2Man
higher minimum wage => less jobs.

that's a fact.
Quote:
"My thinking on this has changed dramatically," says Alan Blinder, a former Federal Reserve vice chairman who teaches economics at Princeton University in Princeton, New Jersey. "The evidence appears to be against the simple-minded theory that a modest increase in the minimum wage causes substantial job loss."
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Old 02-04-2007, 02:07 PM   #49
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Many well-meaning people favor legal minimum wage rates in the mistaken belief that they help the poor. It has always been a mystery to me why a youngster is better off unemployed at $4.75 an hour than employed at $4.25.''
--Nobel laureate Milton Friedman
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Old 02-04-2007, 02:24 PM   #50
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That quote is from the mid-90s - look at the economic expansion sice then.

Quote:
Nobel winners call for minimum wage hike
By Associated Press | October 12, 2006

NEW YORK -- More than 650 economists, including five winners of the Nobel Prize for economics, yesterday called for an increase in the minimum wage, saying the value of the last increase, in 1997, has been "fully eroded."

Economists including Nobel prize winners Kenneth Arrow of Stanford University, Lawrence Klein of the University of Pennsylvania, Robert Solow of the Massachusetts Institute of Technology, Joseph Stiglitz at Columbia University, and Clive Granger of the University of California, San Diego said in a statement released yesterday that the real value of today's federal minimum wage is less than it has been at any time since 1951.

Federal minimum wage is $5.15 an hour. Twenty-two states and the District of Columbia have set their minimum wages above the federal level.

In Massachusetts, the minimum wage of $6.75 an hour is being raised to $8 by 2008.

``We believe that a modest increase in the minimum wage would improve the well-being of low-wage workers and would not have the adverse effects that critics have claimed," the economists wrote.

Critics of a minimum wage hike have contended a higher minimum wage would lead employers to cut jobs or move them offshore. They also say that many minimum-wage earners are teenagers working after-school jobs.

But the economists wrote that a phased-in increase in the federal minimum wage to $7.25 ``falls well within the range of options where the benefits to the labor market, workers, and the overall economy would be positive."

They wrote that they share the view of a 1999 Council of Economic Advisors report that found ``the weight of the evidence suggests that modest increases in the minimum wage have had very little or no effect on employment."

The economists wrote, ``While controversy about the precise employment effects of the minimum wage continues, research has shown that most of the beneficiaries are adults, most are female, and the vast majority are members of low-income working families."

The economists spoke on a conference call hosted by the Economic Policy Institute, an economic research group.
http://www.boston.com/business/globe...mum_wage_hike/
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Old 02-04-2007, 03:01 PM   #51
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Quote:
Originally posted by U2Man
higher minimum wage => less jobs.

that's a fact.
Maybe people should accept that real hard work has a price,....why do we have the right to exploid people the modern way. I rather consume less and pay a fair price for work instead let poor workers pay for my luxery.
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Old 02-04-2007, 06:26 PM   #52
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Quote:
Originally posted by ntalwar
My thinking on this has changed dramatically," says Alan Blinder, a former Federal Reserve vice chairman who teaches economics at Princeton University in Princeton, New Jersey. "The evidence appears to be against the simple-minded theory that a modest increase in the minimum wage causes substantial job loss
it's a clever way of not saying anything new.

he hides behind words such as 'modest' and 'substantial'.
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Old 02-04-2007, 06:37 PM   #53
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Quote:
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it's a clever way of not saying anything new.

he hides behind words such as 'modest' and 'substantial'.
It is a modest increase in this case. See the other article about 650 economists calling for an increase as well. Countries with minimum wages also have some of the lowest unemployment rates.
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Old 02-05-2007, 07:14 PM   #54
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interesting how it is so easy for some people to say that raising the minimum wage will hurt the economy and job market. i certainly haven't heard this opinion from my other colleagues who also live below the poverty line.
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Old 02-06-2007, 09:42 AM   #55
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^ Precisely. If I'm living in poverty I could give a rat's ass how the economy's working, 'cuz it sure ain't working for me.

That's what the market capitalists don't seem to get. The numbers of minimum wage workers (and under-the-table illegal immigrant workers too) represent actual people, and real people ought to trump your economic theory. Well I think they do get it, but the captialists think they're "better" than those poor folks, so if they're poor, who cares?
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Old 02-06-2007, 12:56 PM   #56
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Originally posted by CTU2fan
^ Precisely. If I'm living in poverty I could give a rat's ass how the economy's working, 'cuz it sure ain't working for me.

That's what the market capitalists don't seem to get. The numbers of minimum wage workers (and under-the-table illegal immigrant workers too) represent actual people, and real people ought to trump your economic theory. Well I think they do get it, but the captialists think they're "better" than those poor folks, so if they're poor, who cares?
"Ideas are not more valuable than people" Bono
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Old 02-06-2007, 07:35 PM   #57
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It's about time.
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Old 02-07-2007, 10:32 AM   #58
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NO one can live on 7.25 an hour, unless it's in the back of a car. Rent in most areas is too high, and then you have your other expenses. And forget about BUYING a house. You don't qualify. Minimum wage may be decent money for kids still living at home, spouses of someone with a good job, or a second job, but it's not a living wage in most places in the US (unless you have roomates, and then it still sucks) The saddest thing is that the crappiest jobs are the ones that pay the lowest.

I don't buy the BS that it will hurt small businesses, and even if it does, the tax breaks will help. The majority of low wage workers work for huge, rich, CHAINS like the burger joints (where I work!) They certainly aren't hurting. If it's a case where they want to keep pay low for workers so the high ups can enjoy a higher profit, well, that's just an example of what's wrong with our society (and what has brought down many a society before us through revolution)
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Old 02-07-2007, 11:31 AM   #59
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OMG where've you been??? And CONGRATS on getting the job!!!
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Old 02-07-2007, 12:08 PM   #60
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Thanks But actually I'm fired already. I didn't know I was supposed to be the janitor too. They made me do everything gross! I had a very hard time. Well I'll keep looking.
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