Topic: Would killing the minimum wage help? (Read 10732 times)
Maybe? i think it is a hard question because if at the same level and same job two different person will receive different salary/wage that would be disastrous for the company as its employees will ask for more money.
Maybe it would work in the US, but in other countries where the minimum wage is already so low, removing it would be pretty bad for minimum wage workers. Companies would potentially give super low wages to their workers, and more people would just slump into poverty.
Yes. For example, in my country raised the minimum wage, but in the end nothing has changed. Prices for all goods are so up too. And in the end, people can hardly live on this minimum wage.
This system was introduced to "protect" labor from underestimation of earnings. Previously, many companies set too low prices for the work done, especially when it comes to physical labor. This indicator is also used as a tool to combat poverty. Undoubtedly, it is quite difficult to live on this salary, but there is still a possibility. At the same time, citizens are obliged to pay all deductions and taxes even with a minimum earnings of 100%
I don't think so. We just need to learn how to live in harmony with nature.
I have always felt that minimum wages are against fair competition. If the requirement is abolished, then more jobs can be created. The rate of unemployment will get reduced and the government can cut back on welfare spending. If you feel that you are not getting paid enough for a particular job, then the best solution is to resign from that job and find another one. Plain and simple.
Republican Presidential candidate Michele Bachmann quoted "Literally, if we took away the minimum wage-if conceivably it was gone-we could potentially virtually wipe out unemployment completely because we would be able to offer jobs at whatever level."
We hear about and see in our own personal lives where people who once high paying and respectable jobs are now working in at fast food restaurants and retail clothing stores.
I do like having a minimum wage, since it helps protect the lower income class. However, considering how the economy is now and seeing many jobs being offered offshore, removing the min. wage law may actually help keep jobs within the states.
And wasn't one of the top causes of The Great Depression had to do with Herbert Hoover keeping wages from decreasing which ultimately lead to extremely high unemployment rate?
What are your thoughts on this?
I really don't know if killing the minimum wage may help. there are times even if wages increase, the price of consumables also increases so there was no change on it's effect to those people that needs it. We hear about and see in our own personal lives where people who once high paying and respectable jobs are now working in at fast food restaurants and retail clothing stores.
I do like having a minimum wage, since it helps protect the lower income class. However, considering how the economy is now and seeing many jobs being offered offshore, removing the min. wage law may actually help keep jobs within the states.
And wasn't one of the top causes of The Great Depression had to do with Herbert Hoover keeping wages from decreasing which ultimately lead to extremely high unemployment rate?
What are your thoughts on this?
nope. it will just be the same. different jobs have different payments. minimum wages keep industries alive
It's bullshit, bcz people won't go to work for cents. So, unemployment will be the same. It could also grow because employers will cut a wage and many people will leave their jobs.
If employers cut their wages, and workers quit, what happens to the wages? Workers may quit, and are likely to look for another job that pays more. In fact, that's exactly how the labor market works already. So employers don't have monoposony power over their employees overall, they have to pay enough that their trained employees won't quit en masse. We already know that, in general, that market labor rate is higher than the minimum rate anyway. My daughter was offered over the minimum rate to work at a fast food restaurant without any work experience at all.
I think it would very extremely interesting if the minimum wage was taken away. Companies would not be able to just set the pay to the lowest possible because they would not longer get any more employees. I think that wages would most likely go up. Its all supply and demand.
Specialty in work always differ. Some jobs are harder than the others.
It's bullshit, bcz people won't go to work for cents. So, unemployment will be the same. It could also grow because employers will cut a wage and many people will leave their jobs.
It will still be a no.Because even if you try to increase the minimum wage or just kill it the ones who will benefit from it will be the people with good jobs.How about lower class jobs.Still it can not sustain their everyday life barely because of prices on goods and commodities.
To referring to the Bachman quote, it's literally true. No minimum wage means essentially no unemployment. Everyone's employable at $0.01/hr! So while it "solves" unemployment, the real question is if that is the outcome we want.
Personally, I've always felt that we should try to minimize the number of jobs, not maximize them, but what do I know...
Personally, I've always felt that we should try to minimize the number of jobs, not maximize them, but what do I know...
On the surface it may seem that a very high minimum wage would be good for people. But the minimum wage is forcing low skill workers out of a job. If some one is not able to produce more than minimum wage then a company is unable to hire them - otherwise the company would lose money and go out of business. If the minimum wage is too high the worker would then be displaced my automation and robots etc.
It is wrong for many countries. Minimum wage is needed for many poor families and their life. Minimum wage can help lower income families which in many countries are the majority so removing the minimum wage can only do harm to the majority of the population in many countries of the world. Killing the minimum wage can make the saying "rich are getting richer while poor are getting poorer" more evident and can bring many discontent to population of a country which can be translated into rage on the roads. Killing the minimum wage it is plain wrong.
Why do people have more children than they can afford to raise? It's a little selfish to bank on everyone else paying for them. If you're future prospects aren't better than a minimum wage job, maybe you should rethink if a having children is a responsible decision.
Killing the minimum wage is not a good idea, but it is also not a good idea to aggressively raise the minimum wage. As increasing minimum wage by a large amount forces prices to go up which results in less value for more money.
I think current debates should pay more attention to the positive effects of an increase in the minimum wage on living standards, on health and educational outcomes, on reducing inequality and on poverty reduction among low-wage households, rather than on employment effects.
In a globalized capitalist world, getting rid of min wage is stepping back a lot. People worldwide will always want to buy their items at the cheapest price possible if you give them the possibility, meaning that the workers are gonna be paid less and less so the items remain cheap. Might solve unemployment in the short run but in the middle/long-run? and lower wages = lower prices = increase in the demand = more consumption = more pollution and also = bigger margins in the hands of the same ppl. Bc don't forget that theories are always good on paper, but the system is always going to be corrupted at some point. In a nutshell I think killing minimum wage is just giving more power to capitalism and raise the risk of poverty in the country. Look at countries in Southern Asia, India, or Africa that have a very low min wage and a big black market. And then you can say goodbye to your skilled worker for sure.
I might be wrong, but I think a lot of expatriated skilled workers left their country because they wanted to discover the world and open their mind at some point, and not because they couldn't find a job in their home country (or at least it's not the majority)
I might be wrong, but I think a lot of expatriated skilled workers left their country because they wanted to discover the world and open their mind at some point, and not because they couldn't find a job in their home country (or at least it's not the majority)
It is wrong for many countries. Minimum wage is needed for many poor families and their life. Minimum wage can help lower income families which in many countries are the majority so removing the minimum wage can only do harm to the majority of the population in many countries of the world. Killing the minimum wage can make the saying "rich are getting richer while poor are getting poorer" more evident and can bring many discontent to population of a country which can be translated into rage on the roads. Killing the minimum wage it is plain wrong.
Jump to: