What would happen without minimum wage?

Question

Would society crumble? What would be the reparations be if minimum wage was completely eliminated?

Answer 1

There is defacto no minimum wage right now.

You would be hard pressed to find any job paying 5.15 an hour. Even the most basic burger flipping jobs are paying well over that.

Without a minumum wage, people would have more freedom to negotiate a wage, get hired by the highest bidder. Companies would have to pay to retain the best employees or fail.

Answer 2

Probably wages would seek a real rather than artificial level. It would probably be a Good thing to eliminate the minimum wage as it would be good to Tax Everyone on the same level no matter what ones wages are. Say 15-20% of ones income "flat tax". Then those on the Low end instead of getting paid for having low incomes would actually contribute to society rather than be a drain.

Answer 3

One effect of the elimination of a minimum wage would be an increase in the number of jobs open to workers with minimal skills.

If an employer has to meet an artificial minimum wage, he or she will limit a search for employees to cantidates who are worth what they will be paid. Those with sub-standard skills are overlooked in favor of better qualified people. Entry level jobs and training programs diminish in direct relationship to the increase in minimum wages.

If the minimum wage were eliminated, students and people new to the labor force would have greater oportunities.

Wages for more skilled people would not be scaled back, because there is a tendency for the principle of supply and demand to create competition among those looking for good workers.

Answer 4

you're suitable, legally they ought to pay you a minimum of minimum salary. you're also suitable that it can be not ordinary to proceed to exist minimum salary. Many places received't employ human beings without both a HS degree or a GED. except they're nonetheless in intense college. around the position I stay, even Subway and McDonalds require that.

Answer 5

I agree with the smart guy that said that the wages will level themselves to their real value. common sense economic principle.

Answer 6

employers would pay as little as possible.

for skilled jobs, there wouldnt be much differrence. people with good skills are in demand, and would continue to get paid depending on their skill level.

for unskilled jobs, the pay would fall. jobs iike fast food, janitors, maids, general labor, etc. would pay as little as possible. Why pay more when they can just fire the person and get another? You dont like your low pay? goodbye, we can find someone else who will do your job for 20cents less.

Answer 7

We'd probably end up like back in the days of the sweatshops where you worked long hours for pittance.