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$15 an hour minimum wage.
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<blockquote data-quote="&#039;Lord Brown&#039;s bidding&#039;" data-source="post: 1330100" data-attributes="member: 32753"><p>Prices do not go up due to an abundance; if there isn't a scarcity of resources, prices will drop.</p><p></p><p></p><p>Prices could rise.....OR...companies can increase production/buying, to take advantage of the new monies coming into the market. Runaway Inflation is not good for business, and there is more than enough slack in the amount of revenue/profits companies take in vs what they spend on labor to help keep it in check. There will be inflation-which is good - but not the dire scenarios people project. In addition, we have the power to negotiate wages that match inflation, thus our spending power will not decrease. Having the minimum wage rise with inflation or the CPI will ensure those at the bottom will not suffer as well.</p><p></p><p></p><p></p><p>People are not "attracted" to minimum wages. There is nothing else for them to do. The wages are kept artificially low by companies who have the leverage knowing this. This is neither fair nor even a free market (in a true free market, people would be compensated fairly for the resources expended to bring a product to market. It isn't just about having all the knowledge available, unencumbered by government, because companies unfairly compensating people for less than what their labor is worth is just as detrimental to the market as the government artificially raising the minimum wage is made out to be).</p><p></p><p></p><p></p><p>You assume that companies would need to raise prices in order to offset the increase in their labor costs. Again, given the amount of revenue companies take in - especially large employers like McDonald's and Walmart-vs what they actually spend on labor, while there may be a reduction in the work force, prices should not increase that much at all. I remember reading one example where someone said the price of a big mac at McDonald's might increase . $16 if all their employees started making $15/hr. The situation would be similar with any large business, so long as they are currently stable.</p><p></p><p>On the reduction in jobs, this isn't as big a deal as made out to be. How many people are currently working two or three jobs making minimum wage? I recently read that in a recent jobs report it was noted the number of men working two or more jobs increased last year. This was noted because it meant they were taking away jobs other people could probably have used. What happens when a person can make <em>at one job </em>what they formerly had to work <em>two </em>jobs to earn? Might they quit one of their former jobs? Might a formerly two income family perhaps be able to "get by" on one? And thinking on that last point, that could bode well for communities most affected by the low minimum wage.</p><p></p><p>The point is, much of the reduction in the work force could come naturally, as not as many jobs would be needed to support households, sort of how often when companies announce they'll reduce their workforce by "five thousand!!!", often most of that is done through attrition and retirement.</p></blockquote><p></p>
[QUOTE="'Lord Brown's bidding', post: 1330100, member: 32753"] Prices do not go up due to an abundance; if there isn't a scarcity of resources, prices will drop. Prices could rise.....OR...companies can increase production/buying, to take advantage of the new monies coming into the market. Runaway Inflation is not good for business, and there is more than enough slack in the amount of revenue/profits companies take in vs what they spend on labor to help keep it in check. There will be inflation-which is good - but not the dire scenarios people project. In addition, we have the power to negotiate wages that match inflation, thus our spending power will not decrease. Having the minimum wage rise with inflation or the CPI will ensure those at the bottom will not suffer as well. People are not "attracted" to minimum wages. There is nothing else for them to do. The wages are kept artificially low by companies who have the leverage knowing this. This is neither fair nor even a free market (in a true free market, people would be compensated fairly for the resources expended to bring a product to market. It isn't just about having all the knowledge available, unencumbered by government, because companies unfairly compensating people for less than what their labor is worth is just as detrimental to the market as the government artificially raising the minimum wage is made out to be). You assume that companies would need to raise prices in order to offset the increase in their labor costs. Again, given the amount of revenue companies take in - especially large employers like McDonald's and Walmart-vs what they actually spend on labor, while there may be a reduction in the work force, prices should not increase that much at all. I remember reading one example where someone said the price of a big mac at McDonald's might increase . $16 if all their employees started making $15/hr. The situation would be similar with any large business, so long as they are currently stable. On the reduction in jobs, this isn't as big a deal as made out to be. How many people are currently working two or three jobs making minimum wage? I recently read that in a recent jobs report it was noted the number of men working two or more jobs increased last year. This was noted because it meant they were taking away jobs other people could probably have used. What happens when a person can make [I]at one job [/I]what they formerly had to work [I]two [/I]jobs to earn? Might they quit one of their former jobs? Might a formerly two income family perhaps be able to "get by" on one? And thinking on that last point, that could bode well for communities most affected by the low minimum wage. The point is, much of the reduction in the work force could come naturally, as not as many jobs would be needed to support households, sort of how often when companies announce they'll reduce their workforce by "five thousand!!!", often most of that is done through attrition and retirement. [/QUOTE]
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