LOL...They should raise the minimum wage to $50

"Advocates argue that the higher minimum wage would benefit the city's economy by creating demand."

This the the perfect example that demonstrates the level of thinking and understanding of economics that people from this group have.

The robots and I are going to have a big belly laugh at how low skilled, young, or inexperienced workers are trying to price themselves out of the market
 
"Advocates argue that the higher minimum wage would benefit the city's economy by creating demand."

This the the perfect example that demonstrates the level of thinking and understanding of economics that people from this group have.

The robots and I are going to have a big belly laugh at how low skilled, young, or inexperienced workers are trying to price themselves out of the market
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Bravo. Media room and racist all in one poast. You are putting in work.
 
I do they expect people to afford a $300k home on $15 an hour?

now.msn.com/seattle-pushes-to-raise-minimum-wage
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I pledge to lead a boycott of all Seattle area small businesses that don't buy in. Reminds me of the bumper sitcker I saw the other day: People > Profits.
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People > Profits is what poor people, migrant workers, wealthy but guilty whites and hippies say to each other at Occupy meetings to feel better about themselves.
 
A few things:

- The minimum wage (adjusted for inflation) was much higher in the 60s and 70s. The economy did not collapse as a result.

- Australia's is about 16 USD per hr., and their unemployment rate is 5.6 percent. What's the US rate? 7.8 or something?

I'm not advocating for some abrupt 50% hike on January 1st 2014. That Would hurt small businesses. But the general "any raise in the minimum wage will kill 3 million jobs and ruin the economy!!!!" nonsense is brought to you by many of the same people whose risky, wreckless behavior gave us the great recession (and subsequent bailouts) so I don't really listen anymore.
 
The austailan unemployment rate is a myth. It's been explained many times. It's all in how you count an employed person.

news.com.au/national-news/true-unemployment-at-13-per-cent-australian-bureau-of-statistics-reveals/story-fncynjr2-1226677298922

I like to think the demand curve doesn't apply to labor, that's what I like to do.
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This also ignores the fact that nearly everything in australia is fucking expensive. Like a lot more expensive.

query for those in the know, what would happen if you removed the price floor that is minimum wage completely?
 
Are wage and price levels related or something?
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No,in fact, it would be nice if the suppliers required to charge more. If McDonald's paid more for buns, then the bun people would have more money to spend. If they paid the meat people more, then just imagine how great that would because because the meat people would be spending more and consuming more. And the lettuce and onion people. Don't leave them out.

The whole argument is flawed at its core. Fucking Econ 101. The market will set the rate for a fair wage for the skill. Simple fact.

 
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A few things:

- The minimum wage (adjusted for inflation) was much higher in the 60s and 70s. The economy did not collapse as a result.

- Australia's is about 16 USD per hr., and their unemployment rate is 5.6 percent. What's the US rate? 7.8 or something?

I'm not advocating for some abrupt 50% hike on January 1st 2014. That Would hurt small businesses. But the general "any raise in the minimum wage will kill 3 million jobs and ruin the economy!!!!" nonsense is brought to you by many of the same people whose risky, wreckless behavior gave us the great recession (and subsequent bailouts) so I don't really listen anymore.
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Yes, the same people that brought us the recession, the fucking government regulators
 
A few things:

- The minimum wage (adjusted for inflation) was much higher in the 60s and 70s. The economy did not collapse as a result.

- Australia's is about 16 USD per hr., and their unemployment rate is 5.6 percent. What's the US rate? 7.8 or something?

I'm not advocating for some abrupt 50% hike on January 1st 2014. That Would hurt small businesses. But the general "any raise in the minimum wage will kill 3 million jobs and ruin the economy!!!!" nonsense is brought to you by many of the same people whose risky, wreckless behavior gave us the great recession (and subsequent bailouts) so I don't really listen anymore.
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Of course it didn't noticably hurt the economy...because min wage at its current level (or even the level of the 70's) is such a minor factor that all the other factors that go into a healthy economy outway the min wage effect. In general min wage has very little effect on the economy (unless you raised it to $100/hr or something extreme like that). The problem is where the burden of proof lies. The default should be no action (ie no min wage) unless someone can prove it has lasting long term positive effect on the economy. Of course no one can prove that, so it shouldn't be done. Way too much noise in the data to get any definite conclusion.

Why regulate companies when you could just have a negative income tax that is much simpler to administer?
 
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