For instance if inflation increases 3%, the minimum wage also increases 3%. Adjusted at least bi-annually, if not annually.
2007-04-07 15:14:39 · 12 answers · asked by ? 6 in Politics & Government ➔ Politics
Of course it should, but it won't be. The reason is that capitalism isn't about the fair treatment of the workforce; rather it is about the exploitation of the workforce.
The Federal Reserve creates inflation by injecting excess money into the system. This lessens the value of the currency, but on a gradual and uneven basis. Eventually, the reduced value of the currency forces business to raise prices, yet they attempt to hold wages steady. This has been quite evident over the past several years as housing and gas prices have gone up substantially while wages have been stagnant. But wages have lagged price increases in every inflationary epoch.
Those in power are fully aware of this fact and use the public's lack of understanding of inflation to their own full advantage.
2007-04-07 15:24:43 · answer #1 · answered by AZ123 4 · 1⤊ 0⤋
The minimum wage is only an entry level wage. As you move up in wages, you make more money. If we gave every high school student working at Mc Donalds $12 or $15 an hour. we would be paying $5 for a plain hamburger.As you learn on the job, you make more money. I own my own business, and I haven't even given myself a 3% raise in the last 3 or 4 years. Every time the minimum wage goes up, so does inflation.Employers have to raise costs. Economics 101. So my answer is NO.
2007-04-08 01:53:47 · answer #2 · answered by Anonymous · 0⤊ 0⤋
When inflation drops, do wages then drop also? I don't think people could live with the instability of that. I agree the congress should look at the minimum wage a lot more often than every ten years for sure.
2007-04-07 22:54:41 · answer #3 · answered by BekindtoAnimals22 7 · 0⤊ 0⤋
No is it leads to hire prices.
2014-05-14 04:29:48 · answer #4 · answered by ☦ICXCNIKA ☦ 7 · 0⤊ 0⤋
Since that is the whole point of raising the minimum wage, I'd say yes...
2007-04-07 22:17:49 · answer #5 · answered by Anonymous · 2⤊ 0⤋
Business owners just pass the minimum wage increase onto their customers!
2007-04-07 22:18:31 · answer #6 · answered by Bunz 5 · 1⤊ 2⤋
Well John.. I mean Count Acumen, Yes, probably so... & it would be a neat idea, especially for the lower class who struggle from paycheck to paycheck, but it wont happen..
2007-04-07 22:33:04 · answer #7 · answered by Katz 6 · 0⤊ 0⤋
I would be for it. Sure it may hurt some businesses, but if a lot of people are making more money they'll spend more which will help businesses.
2007-04-07 22:17:58 · answer #8 · answered by Anonymous · 2⤊ 0⤋
Yes.
2007-04-07 22:18:42 · answer #9 · answered by Its Hero Dictatorship 5 · 1⤊ 0⤋
Finally???....absolutely!!!
2007-04-07 22:17:55 · answer #10 · answered by Anonymous · 3⤊ 0⤋