That's not true, though. The Minimum Wage is always 1.
If minimum wage is 1, everything produced, shipped, and sold at Minimum Wage must provide a wage of 1, and therefore cumulatively must cost 1.
If you "raise" minimum wage to 100, then everything produced, shipped, and sold at Minimum Wage must provide a wage of 100, and therefore cumulatively must cost 100. Doing this changes nothing for the person earning 1. But everyone who worked their way up to 2, or 5, or 10, or 50, or even 100... is now set back at start, equivalent to the guy who can't walk and breathe at the same time, who would never move up to earning better than 1.
So... I don’t think this is necessarily incorrect, but I think it is a view that is overly simplistic. At some high enough minimum wage and low enough money supply, no one works for fear of being arrested and no one produces anything, at least until black markets form.
But my analysis that the true minimum wage is not being paid at all or being unemployed is true.
I already make 16 dollars. My state has no minimum, so they go off of federal standards.
When they increase the hourly rate will I get an 8 dollar raise to offset how much extra my skill was worth?
If my knowledge is worth 8 bucks more than the minimum, after it is increased it should still be worth 8 dollars more. Anything less is discrimination.
If someone who was only worth 7.25 is suddenly getting 15 bucks, now there is only a dollar between us, that doesn't seem fair. They obviously didn't earn that extra money, so everyone should get it or no one should.
The $15 minimum wage always cracks me up.
If you want $15 an hour, get $15 an hour skills. 🤷🏼♂️
$15 minimum wage is moronic, everyone knows there is only one minimum wage: $0.
That's not true, though. The Minimum Wage is always 1.
If minimum wage is 1, everything produced, shipped, and sold at Minimum Wage must provide a wage of 1, and therefore cumulatively must cost 1.
If you "raise" minimum wage to 100, then everything produced, shipped, and sold at Minimum Wage must provide a wage of 100, and therefore cumulatively must cost 100. Doing this changes nothing for the person earning 1. But everyone who worked their way up to 2, or 5, or 10, or 50, or even 100... is now set back at start, equivalent to the guy who can't walk and breathe at the same time, who would never move up to earning better than 1.
So... I don’t think this is necessarily incorrect, but I think it is a view that is overly simplistic. At some high enough minimum wage and low enough money supply, no one works for fear of being arrested and no one produces anything, at least until black markets form.
But my analysis that the true minimum wage is not being paid at all or being unemployed is true.
Indeed.
I already make 16 dollars. My state has no minimum, so they go off of federal standards.
When they increase the hourly rate will I get an 8 dollar raise to offset how much extra my skill was worth?
If my knowledge is worth 8 bucks more than the minimum, after it is increased it should still be worth 8 dollars more. Anything less is discrimination.
If someone who was only worth 7.25 is suddenly getting 15 bucks, now there is only a dollar between us, that doesn't seem fair. They obviously didn't earn that extra money, so everyone should get it or no one should.
I like meat, I like heat, I like both to make a steak, anybody wanna talk about it?
Ground Beef: $10 per pound.