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The Nature Of Minimum-Wage Laws [Pic+]

Remember that the minimum-wage law provides no jobs; it only outlaws them.

submitted by: HumanAction
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The Nature Of Minimum-Wage Laws [Pic+]. Remember that the minimum-wage law provides no jobs; it only outlaws them.
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Hits: 3369 | Favorites: 0 | Emailed: 0 | Rating: 2.2 | Category: News & Politics | Date: 03/19/2014
 
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Draculya
Male, 40-49, Asia
 12337 Posts
Thursday, March 20, 2014 10:56:33 PM
@Squrlz4Sale don't worry, it`s not all that. They`re butt ugly. Nothing like the fantasy:


llaa
Male, 30-39, Western US
 1073 Posts
Thursday, March 20, 2014 2:11:16 PM
HEHE

No one is talking about a 50% increase in minimum wage, but Draculya makes a good point, he has servants because he can afford them and lives among a society that is accustomed to house servants (brit's and their wacky colonialism). I doubt minimum wage will increase to $10.10/hr. in the US, I see that number as the high to a lower compromise amount agreed by congress, if they pass an increase of minimum wage.

I grew up with house maids, they`re a pain in the ass, always stealing my weed stash when I was a teenager...

Squrlz4Sale
Male, 40-49, Eastern US
 6018 Posts
Thursday, March 20, 2014 7:49:24 AM
~a stunned silence descends on the thread as we all contemplate Draculya's life with two live-in maids and a driver~

Draculya
Male, 40-49, Asia
 12337 Posts
Thursday, March 20, 2014 1:31:28 AM
It's not as straightforward as the author suggests. There are some jobs that employers are prepared to pay more for but don`t currently have to. There are others that will simply be cut or moved overseas. That`s one reason why I`m in Hong Kong, a place that benefits greatly from the differing costs of manufacturing between the USA and China.

On the topic of Hong Kong, I have two full-time live in maids and a driver, not counting the wife. Not many people have so many household staff but I haven`t spoken to any that have none. How many people do you employ to do your dishes, make your beds, clean house, mind the kids and bring you a coffee, breakfast and slippers in the morning?

If they increased the minimum wage by 50%, I would fire one of the maids (who are sisters) and make the remaining one work twice as hard. A 100% minimum wage increase would be the demise of the driver, and a 250% increase would mean my wife would have to wake up before (gasp) 8am.

Andrew155
Male, 18-29, Eastern US
 2564 Posts
Thursday, March 20, 2014 12:23:20 AM
You bring up increased prices as a result of it. This is correct in at least two ways. One is to cover labor costs, the other is as a result of a rightward shift in the supply curve because of increased incomes.

Now, though this isn't all bad, increasing incomes will do this to the price of some things:


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