Basically do you think that if we payed CEO's and sports figures (say Beckman and his 250 million contract) less and put that back into the economy some way; would you be for a Min wage hike!!!
2007-01-12 05:22:49 · 7 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
Ok in addition; Do you think if we payed less to the CEO's and contracted sports figures and put it back into the company and the workers of the company, would that help off-set a min wage hike!!!
2007-01-12 05:40:44 · update #1
It's because people do not understand economics. Yes small businesses will have to pay their employees more, but ALL businesses will have to pay their employees more so they will be just as competitive. Secondly, when people have more spending money consumer confidence increases and the entire economy benefits.
The only valid concern is competitiveness versus foreign companies. But reality is that China's low costs are due to another issue -- the fixed exchange rate for their currency -- and should be corrected properly rather than keeping our workers at artificially low wages.
It is, however, important that the effect of the change in wages is smoothed out so that small businesses have time to adapt. So tax breaks during the transition, etc. are important. Long-term though it should be an overall benefit.
2007-01-12 05:33:52 · answer #1 · answered by Julian A 4 · 0⤊ 1⤋
Because its none of governments business what one person pays another person, its a contract between 2 people, there are no slaves, so no one is forced to accept low pay.And, you're not supposed to be earning minimum wage 5 or 10 or 20 years after you get out of school. Its really a starting wage, or training wage, there are many many jobs that start you out way over minimum wage anyway, even if you have no experience... and bottom line is its none of governments business, everyone these days seems to want government to babysit and take care of them, from healthcare to retirement, to everything else. Where's personal responsibility?
2007-01-12 05:30:57 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I'm against any regulation that takes money from some people to pay other people. I'm not super rich (far from it) and I earned minimum wage for several years. When the government raises the minimum wage prices will go up for EVERYONE (including the minimum wage earner) and everyone's spending power is lowered due to inflation.
I really have a problem with a group of people pointing to a wealthy person and saying "we've voted and you're being forced to pay for our program because you have money",
2007-01-12 05:35:34 · answer #3 · answered by BobbyD 4 · 0⤊ 0⤋
Min wages aren't paid by Beckham. It is the Mom and Pop businesses that have to pay out the wages and they don't have the revenue to cover the increase. So many of the smaller businesses will lay off a worker and require the others to pick up the extra work. They also just pass it along to us the customer.
2007-01-12 05:27:41 · answer #4 · answered by RE Broker 1 · 2⤊ 0⤋
The problem is not the high wages paid at the top, obscene as they often are. The real problem is that the company is not commercially viable if it is paying it's work force subsistence wages. The minimum wage should ensure that the average person - two adults living together with two kids, is paid a wage that allows them to live on that wage without support from the state.
If the company cannot pay such a wage it is not a financially viable company and the banks and government should act.
2007-01-12 05:28:41 · answer #5 · answered by Anonymous · 2⤊ 2⤋
Raising the minimum wage leads to inflation. Businesses have to cover the new expense of paying higher wages, so they often raise prices. Then EVERYONE has to pay more money for things like groceries, restaurant service, etc. So the minimum wage earners are back in the same situation they were in before they got their raise.
2007-01-12 05:34:04 · answer #6 · answered by Gipper333 3 · 1⤊ 0⤋
if you pay a ceo 250 million that money is in the economy!
Minimum wage has a lot of negative effects increased unemployment, greater diffuculty for unskilled workers to find employment, more expectation of current workers to work harder, and inflation.
Positives, makes politicians look good.
2007-01-12 05:30:15 · answer #7 · answered by Economics Guy 3 · 0⤊ 0⤋