Homework question about minimum wage?

Question

(PLEASE answer only if you are a current minimum wage earner)

There was a recent minimum wage increase act that will raise minimum wage in 3 steps over the next two years. My question to you is it worth it to have a little extra change in your pocket at the end of the day even though the the increase in wages will raise insurance premium rates along with gas, inflation and food?

Answer 1

There is no evidence or theory that the inflation rate follows the minimum wage on a one to one basis. The fraction of the goods and services that is produced by minimum wage workers is tiny even though there are millions minimum wage workers.. Their wage is low because their productivity is low and so only a tiny fraction of the economy will need to raise prices.

Answer 2

I am totally against minimum wage. It only raises the cost of American goods. And minimun wages allows for young people to get hired at usually menial jobs. But when I was young, I wasn't so worried about getting paid much as I was just having a job!

It should be understood that older people who have kids should have planned better before having kids or other people to suppport, so that having a minumum wage job or a low paying job wouldn't be a problem.

Higher minumum wages have caused companies to simply move their factories to other countries and it will continue to have this effect. Then, as many people have now experienced, there just aren't that many jobs left here anymore.

We did it to ourselves. And the reason we did it is because low paying people are more numerous than rich people, so it creates votes for representatives who want votes. It's just a shameful way of legally buying votes.

If left alone, businesses will naturally compete for workers and wages will naturally go up without the government getting involved, because no one would work for the 1.65 an hour that I started at, but they might do the same thing that I did for about 5 dollars an hour and be happy with it too. If not, then the company would have to raise its wages to compete for workers.

Answer 3

well let me ask you this. isn't gas and food and the economy still going to go up whether or not min.wage goes up of not.

when I started to work and tried to make a living I started out at min wage . back then it was $2.85 a/h . now if min wage had never gone up at all what and were would I be living in . so to answer you ?

It is Worth just more then a little change in my pocket. no mater if gas goes up or down min. wage has nothing to do with that.

do you think you could live off just $2.85 a/h if it had never gone up to what it is today.