2007-10-22 13:42:27 · 8 answers · asked by Anonymous in Social Science ➔ Economics
Is raising minimum wage just making prices go up you think?
2007-10-22 13:43:32 · update #1
Employees are never paid what they're worth, and CEO's are never worth what they're paid, with the possible exception of Lee Iacocca. Not coincidentally, Iacocca, who voted for Bush in 2000, came to the conclusion in 2004 that Kerry was much better qualified to be the CEO of the USA.
2007-10-22 15:07:46 · answer #1 · answered by Anonymous · 0⤊ 2⤋
Rising the minimum wage makes a few prices go up but because minimum wage workers represent such a small part of the economy their pay only has a small effect on the overall cost of living. We spend most of our money on housing and transportation, and then food but if you are poor, not in restaurants. The reason that high minimum wages never seem like enough is that we care, not only about our absolute standard of living which gos up with the wage, but about our relative standard of living. So as long as you are working for the minimum wage their is no one with a job worse off than you and most people seem better off so it is human nature to try to have more than you can afford. Students often live on the amount that a full time minimum wage workers earn, but because it is temporary and most of their fellow students don't have money either, they do not mind sharing apartments and doing without a car.
2007-10-22 15:11:02 · answer #2 · answered by meg 7 · 1⤊ 0⤋
Of course raising the min wage does nothing to increase the standard of living. Who pays min wage jobs? Almost exclusively the food service and retail industry. What happens when you make labor more expensive by raising min wage? You make the stores raise their prices and/or cut labor expenses by cutting hours and employees. Therefore, the employees lucky enough to keep their jobs after a hike in min wage either are faced with reduced hours (so they aren't actually earning any more money per week), higher costs of the necessities they need to buy, so they have no more purchasing power than they did before the wage was raised, or both.
2007-10-22 13:52:23 · answer #3 · answered by theseeker4 5 · 1⤊ 1⤋
Minimum wage isn't to support a family of four, Or even a person that wants to make it on their own, such as getting an apartment, and their own vehicle. If you find it hard to make ends meet on minimum wage, I would seriously start thinking about long term goals for yourself.
2007-10-22 13:54:34 · answer #4 · answered by HAGAR!!! 6 · 0⤊ 0⤋
Listen...artificially creating wages puts firms in a position to cut costs. So when the mcdonald's mop guy's wage gets set higher than the market wage, he gets fired because the store doesn't have to pay someone $7.25/hr to mop a floor. They can spread that duty out to other employees. Think it's hard to make ends meet on $5/hr? Try $0/hr when the company you work for is forced to fire you because some bureaucrat is trying to save the world, but doesn't feel the effects of his destructive benevolence.
Unemployment is bred by egomaniacal, self-affecting "saviors" that don't feel the consequences of their ignorance of market behavior. Your question proves that point to a disturbing degree.
2007-10-22 14:16:49 · answer #5 · answered by Viginti_Tres 3 · 0⤊ 2⤋
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2016-10-04 09:36:18 · answer #6 · answered by gerking 4 · 0⤊ 0⤋
Because the world is not a liberal's fantasy land. There are people with businesses trying to make ends meet, and paying more for labor is going to increase prices elsewhere, and that's a best case scenario.
2007-10-22 13:57:38 · answer #7 · answered by Mottled Dove 2 · 1⤊ 1⤋
Yeah, the cost of living is always rising.
There is no way it will ever even out.
You just need to find a higher paying job.
Then when you almost get the ends to meet something major happens and there it goes again.
2007-10-22 14:06:12 · answer #8 · answered by Tigger 7 · 1⤊ 0⤋