Comments by "whyamimrpink78" (@whyamimrpink78) on "Chris Christie Vetoes Minimum Wage Increase In New Jersey" video.
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Time to debunk Kyle
1. To start, you can't tie the min. wage to inflation because not everything inflates. Some goods and services increase in prices, some stay the same, other drop. For example, is the Blockbuster employee worth the min. wage? No, but according to Kyle's hand wavy argument they are worth over $10/hr. Even if you were to tie it to inflation Kyle's number is cherry picked to give the highest value. If you use when it was first created it would be around $4/hr.
2. Kyle is using average productivity and comparing it to the min. wage. The average height of the US citizen is taller but we still have midgets. But based off of Kyle's hand wavy argument midgets shouldn't exist. The same concept is with the min. wage, we still have low skill jobs that pay a low wage in the US. The average hourly earnings is over $24/hr, thus we are beating productivity based off of Kyle's numbers. Productivity is up because of technology. Those who invested in it and work in it has seen an increase in wages, it is called "skilled biased technological change".
3. The "savings" is assuming hours are not cut which is not the case. Hours will be cut thus people will not be earning more. Most earning the min. wage work part time to begin with and thus are easily dispensable as workers.
4. If we increase their wages then there becomes less of an incentive to move up and develop more skills which develops more wealth
5. Kyle's argument on price increase is hand wavy as well. If all it took was an 8 cent raise and there is no lost in demand for the business, than why doesn't the "greedy" businesses raise prices already and earn that much more in profits? Because it isn't that simple.
Again, when broken down there is not one single good reason to even have a min. wage.
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