Having a minimum wage doesn’t affect the value of the work we can do. It simply makes it economically infeasible for legitimate businesses to hire people who can’t do a job that is not worth more than min wage. So, those poeople don’t work. Or they go on welfare. It’s a system designed to waste taxpayers’ money.
It’s like saying “lets make the ‘minimum price’ for hot dogs $15. Would the price of hot dogs go up? No. People would stop selling them because nobody would buy them. The value of a hot dog is what it is. Setting a min price doesn’t change that and results in fewer sales.
If min wage is so useful, why not set it at $100/hr ? Then we’d all be rich !!!! Oh. I see. There is an “optimal” minimum wage you say? How does one determine the optimal value for a minimum wage? Ah. We rely on the brillian economists that didn’t see any of the current mess coming. That’s how
It’s just absurd that someone thinks they can pull a minimum wage value out of their ass, thinking they can actually help the economy. It is one of the stupidist economic decisions ever made.[/quote]
Not true. In certain countries cars at taxed at almost 100%. So a car that cost $25k here cost $50k there. So in essence in those countries the government decided that “Hot Dog” is $15. People have no choice but they still want “Hot Dog” so they buy them at the inflated price.
Hell I’ve seen Americans pay $50 for Pizza Hut Pizza because they missed the American Taste while abroad.
Value of things are all relative. Just like housing prices.
