Minimum Wage

American Samoa, not Marianas Islands, sorry

Cycloptichorn

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I just heard about Pelosis exemption for that company. I think the workers on the island that work in the tuna plants make $3 + an hour.
Hmmm.

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Democrats called the Republicans the culture of corruption. HAHAHA. That is the biggest pile of you know what. They defended the most corrupt administration for 8 years with hardly a whimper. Folks, yes, as we move on, we will watch these people demonstrate once again hypocrisy at its finest.

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It was just reported that pelosi has backed down from the exemption & ordered all territorities to pay minimum wage. I don't know if that's true or not.
However, if it is true, the American Somalis can thank Fox News for bringing it to light.

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Its a new day now with information now so accessible.

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You're right about that, Okie. Politicians just can't hide their actions the way that they used to.

I have often said that noone, noone counted on or truly understands the power of the internet when it comes to politics. The ramifications of the ease of information exchange haven't even begun to make themselves known. The 2006 elections were just the first in which the internet and Blogs played a huge role, and as more and more people turn to the internet for news over broadcast TV this is only going to become more pronounced.

In a stunning example of once again 'not being a lock-step Democrat,' I don't know what the f*ck Reid is thinking these days in the Senate, watering down the earmark reforms. He'd better get his act together or the left wing of the party is going to roast him alive.

Cycloptichorn

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Often times when a new minimum wage is implemented the equilibrium minimum wage is actually much higher so there is no impact. Think now how many lower paying jobs are advertised to be higher than minimum wage?

Also, there are so many other factors in the economy that it is really difficult to prove what is the cause of what. For example, if you raise minimum wage, during a time of low interest rates, demand for new workers increase because the cost of investing in new business ventures go down then it would appear that the increase in minimum wage would result in an increased demand for workers.

Unless you are able to keep all other aspects of the economy stable (interest rates, consumer optimism, inflation, money supply, etc.), you will never get a real life example that can prove one small aspect of the economy.

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The whole minimum wage argument is a farce anyway.

The Dems keep saying that they want to raise the minimum wage because a family of four cannot survive on the MW.

Now,I defy anybody to show me a family of four ANYWHERE in the US that is living on MW that is not getting other income also.

If a family of 4 only makes the MW,they are also getting other govt assistance,be it rent help,welfare,food stamps,etc.

The MW was designed as a starting wage,for people with little to no skills,or those that are retired and getting a retirement income also.

If the idea of the minimum wage is to help people,then why dont we make it $50 an hour?
Wouldnt that help more then %7.50 an hour?

Also,why dont the dems set a maximum wage that people can earn?

The whole MW flap is just a ploy to get the attention of those that dont know any better.
_________________

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Of course politicians support minimum wage, it makes them appear as if they are concerned about those making the least amount of money, while in reality there is no benefit when raising the minimum wage. The politicians have to be savvy enough to realize this, but unfortunately most people making those low salaries are not educated enough to realize the true impact (or lack thereof). They only see that their take home pay is higher, than before and with the eventual increase in prices (if minimum wage increase is above the equilibrium rate), they end up having to pay more for food and rent so in the end their "real" income is the same.

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Re: Minimum Wage

Cycloptichorn wrote:

Is there any actual historical evidence that raising the minimum wage leads to a loss in low-income jobs? I haven't been able to find that anywhere.

In all due respect, this only proves that you cannot have been trying very hard. A simple search for "minimum wage" on Google Scholar gives you lots of peer-reviewed publications about empirical work, with conclusions on both sides of the issue.

A fair summary of this literature would be that the empirical evidence against minimum wage laws isn't perfect, that it is less convincing than libertarian economists would expect it to be. You can even say that some reasonable economists (but not others) have become skeptical about the econ 101 arguments against the minimum wage. But to say that there is no such evidence would be propaganda, not a serious argument. There clearly is empirical evidence that the minimum wage causes unemployment. (For instance, see the paper "Employment Effects of Minimum and Subminimum Wages: Panel Data on State Minimum Wage Laws" on the first page of hits.)

Indeed, this evidence is so easy to find with a simple Google search that I cannot help but wonder why you haven't found it. I'm sorry to sound condescending, but I must interpret your lack of success as evidence of ideologial blinders. I don't think you really wanted to find evidence against this preferred policy of yours. (Which is only human. I may well have similar blinders in other areas myself.)

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Consideration of the relative merits of minimum wage wholly aside, the Samoa Silliness illustrates well that nobody's politicians are all that much different from anybody else's politicians; hypocricy and self-interest are breed-defining traits.

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Ooooh, now that in a few years everyone will make a minimum of $7.25 an hour, all the poverty & homelessness will be wiped out. Isn't this grand. Oh, & health care insurance, everyone will be able to afford that as well. gawd bless the dems little cotten socks.

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Another point of hypocrisy is, yes, raise the minimum wage, aren't we so compassionate, while at the same time do nothing about illegals flooding the country and working at sub-standard wages and benefits. Turn a blind eye. But if we raise the minimum wage, WE CARE. The Dems will need to prove they have substance in mind rather than their little feel good issues. That would be something new, but I am not holding my breath.

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okie wrote:

Another point of hypocrisy is, yes, raise the minimum wage, aren't we so compassionate, while at the same time do nothing about illegals flooding the country and working at sub-standard wages and benefits. Turn a blind eye. But if we raise the minimum wage, WE CARE. The Dems will need to prove they have substance in mind rather than their little feel good issues. That would be something new, but I am not holding my breath.

I can't wait for the prices of things to go up because they have to pay their employees more. That way the raise they got will be sucked up by the price increase their companies will have to charge to pay for the raise. Its a vicious cycle that is never going to end if the Dems keep forcing companies to pay workers more then their unskilled labor is worth.

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Baldimo wrote:

I can't wait for the prices of things to go up because they have to pay their employees more.

Now, here's a claim about the minimum wage that you won't be able to back up with any sound empirical evidence. Any economist will tell you that raising the minimum wage doesn't affect aggregate demand, so it won't affect inflation.

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How about a loss of jobs because of the hike?

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LoneStarMadam wrote:

How about a loss of jobs because of the hike?

There is empirical evidence for that -- as I stated in my first post.

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Thomas wrote:

LoneStarMadam wrote:
How about a loss of jobs because of the hike?

There is empirical evidence for that -- as I stated in my first post.

Sorry, I missed it. My question really was a question. I don't know what impact minimum forced wages has on companies, I do have a problem with it simply because I don't like gov't forced anything that isn't constitutional.

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If you truly believe in the free market, how can you artificially set a minimum price that an employer should pay an employee? The theory is totally flawed.

Just as Nixon placed price caps on gasoline during the 70's embargo, the exact opposite effect of his intent was achieved. When you artificially set prices for anything, it skews the market and often results in unintended consequences.

Just one example of this effect as relates to the minimum wage is that a slightly higher percentage of people may cling to the hope that they can work minimum wage jobs to support themselves and families without the need for more education. This results in more people competing for jobs at the lower rung of the ladder, which actually holds down wages in the long run, lowers motivation and expectations in those jobs, and dampens job advancement potential, and also keeps more people from seeking more education and higher skilled jobs where shortages of people may occur.

If an example is required for the above, if you force people to pay almost as much for weed seeds as they pay for wheat, what will people grow?

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Linkat wrote:

Of course politicians support minimum wage, it makes them appear as if they are concerned about those making the least amount of money, while in reality there is no benefit when raising the minimum wage. The politicians have to be savvy enough to realize this, but unfortunately most people making those low salaries are not educated enough to realize the true impact (or lack thereof). They only see that their take home pay is higher, than before and with the eventual increase in prices (if minimum wage increase is above the equilibrium rate), they end up having to pay more for food and rent so in the end their "real" income is the same.

You're exactly right. A higher minimum wage is the only cause of higher food and housing costs. That can be shown over the last 10+ years where food and housing costs have remained at the same levels that they were 10+ years ago. It's really too bad that they are too stupid to realize this.........

Oh yeah, and the minimum wage is the only thing that drives up higher prices too. As shown by energy being at the same levels as 10 years ago. Everything in the economy today is at the same level since the last minimum wage, and NOW we are going to start to see prices rise, JUST BECAUSE of minimum wage.

Very Happy

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