PM Series: Question 14

[RogueBeaver]

Disagree/not critical.

[MadmanMotley]

For the most part I agree with Deus, but there also other fundamental problems I have with the minimum wage. No one here disagrees that living off of minimum wage is tough. But minimum wage doesn't allow for a company to give a lower wage but at the same time give awesome benefits. Would you rather be paid 7.25/hr for 30 hours or 5.50/hr for 40 hours plus full health care coverage, 401k, etc? The minimum wage restricts options when it comes down to pay.

[Antonio the Sixth]

Agree/critical

[AggregateDemand]

Disagree/critical

We've put people in the 16-24 demographic into poverty with minimum wage laws and regressive FICA taxation. Raising labor costs and rendering US labor uncompetitive in the global marketplace is a fool's errand, and we've paid a very dear price during the rise of Asian manufacturing and services off-shoring.

Furthermore, nominal wage is not nearly as important as real purchasing power. Middle class are being KO'ed by unsustainable cost-expansion in critical sectors like healthcare, education and housing. Real wages are not the primary source of lower-middle-class strife.

[Rockefeller GOP]

Ususlly disagree, non-critical.  I'm not opposed to indexing it with inflation (a relatively tiny increase each year or two), as that only seems fair.  However, a sudden raise to something like $15.00 per hour nationally is both a terrible idea and ridiculous.

[Miles]

Ususlly disagree, non-critical.  I'm not opposed to indexing it with inflation (a relatively tiny increase each year or two), as that only seems fair.  However, a sudden raise to something like $15.00 per hour nationally is both a terrible idea and ridiculous.

What about like $9 or $10?

[🐒Gods of Prosperity🔱🐲💸]

Should be $15/hr, or at very least $12 to start off with. The average fast food worker is getting older and older here people. I love how the biggest opponents of welfare support allowing states to set slave wages, thus forcing those making said wages to receive even more assistance then now on food stamps and other benefits. If the federal minimum wage is abolished, expect to see a massive spike in social security disability payments.

Not so massive a spike as raising it to $15/hr would bring, as people who are marginally disabled find it even harder to find jobs. 

[Illuminati Blood Drinker]

Agree/critical

[Horus]

Usually agree, not critical.

[RI]

Only for inflation. Ideally we wouldn't have a minimum wage but a EITC-style NIT.

[TDAS04]

Agree/critical

[AggregateDemand]

No, I'm saying the real problem is inflation created by the Federal Reserve.

Do you have any idea what inflation would look like if Congress could run deficits (print fiat currency) without issuing treasuries?

Hint: Weimar Republic

Central banking is our friend.

[Deus Naturae]

No, I'm saying the real problem is inflation created by the Federal Reserve.

Do you have any idea what inflation would look like if Congress could run deficits (print fiat currency) without issuing treasuries?

Hint: Weimar Republic

Central banking is our friend.

I'm opposed to fiat currency. My point is that rather than retroactively mandating higher wages in an attempt to make up for inflation, we should just stop inflating.

[IceSpear]

Agree, critical, should be indexed for inflation.

[Deus Naturae]

So... the logic here is that IF the minimum wage didn't exist and people could be paid a pittance for lower-skill jobs... then the costs of goods and services would therefore drop because a big whack of the economy couldn't afford to purchase them?

No, I'm saying the real problem is inflation created by the Federal Reserve.

Ah... that chestnut.

I take it you disagree? If so, what do you think caused the massive incline on the chart I posted?

[🦀🎂🦀🎂]

No, I'm saying the real problem is inflation created by the Federal Reserve.

Do you have any idea what inflation would look like if Congress could run deficits (print fiat currency) without issuing treasuries?

Hint: Weimar Republic

Central banking is our friend.

I'm opposed to fiat currency. My point is that rather than retroactively mandating higher wages in an attempt to make up for inflation, we should just stop inflating.

Do you support a gold standard?

[Redalgo]

Disagree / Not Critical

This is one of those trick questions on the PM for me, where the test gauges an answer as a pro-capitalist response when in reality the reason I oppose minimum wage hikes is because I want to replace it entirely with something else that seems more effective.

It would be like if someone asked the resident forum red and green avatars whether they support the Affordable Care Act with an assumption that "no" means "I support a pay-as-you system." xD

[AggregateDemand]

I'm opposed to fiat currency. My point is that rather than retroactively mandating higher wages in an attempt to make up for inflation, we should just stop inflating.

Besides imported commodities, USD devaluation is not really driving inflation. The ugliest inflation metrics, like housing, healthcare, post-secondary education, are caused mainly by irresponsible subsidization and debt-fueled spending.

Furthermore, people can buy deflationary instruments whenever they please. The wealthy have been doing it for centuries.