Comments by "whyamimrpink78" (@whyamimrpink78) on "'Freebies' Like Healthcare u0026 Education Are A 'Gravy Train'" video.
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+Equals Four In a properly orchestrated capitalist economy those on the bottom rung of employees are those first entering the workforce and those working part time for supplemental income. And yes, we have seen prices go up because of the min. wage. Look at food. We are producing too much food but yet the price keeps going up. Restaurants and grocery stores possess a lot of low skill/low wage workers. In restaurants the price of labor is out pacing productivity.
In a strong economy prices should be going down and they have. From wealth creation computers, cell phones, TVs, cars and so on are going down. As I said, spending isn't good, what is good is producing.
"Therefor, they would have more buying power, more buying power increases
overall demand, which creates a rush to more supply, which in turn
creates more wealth OVERALL. When everyone prospers, the economy
prospers. "
They won't have more buying power though. You don't have to increase demand. The demand is already there. People demand better goods and services. In a competitive economy businesses will push for that at make them at an affordable price. In the end you can't consume what you don't produce. You give those on the bottom rung more money and their production remains the same then something has to give. Employees are not going to all of a sudden be more productive just because they are earning more money.
So in the end no one prospers and the economy gets worse.
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+Kang5030 It is an arbitrary number. Wages are a price, and like any price, such as the price of a TV, food, a computer, milk, etc., it is determined by the market.
You can't tie the min. wage to inflation. Saying you can is saying that everything inflates. If that is so then why aren't smart phones over $4000? A brick cell phone in the 80s, when adjusted for inflation according to the CPI cost that much. My smart phone cost less than $100. Why didn't the price of cell phones go up?
Same with labor. Why are blockbuster employees now worth $0? You can't tie everything to inflation. Some price inflate, some go down, some stay the same.
My payment is on par with other graduate students at other graduate programs across the country. I manage quit well with bills and what not.
McDonalds does not have to hire those people. It is not McDonald's fault that their workers refuse to better themselves. And saying wage slavery is being shallow. Slaves were forced to work, they don't have to take the job.
"If you work 40 hours a week, you should not be unable to afford basic necessities"
Which is what? A room or a 3 bedroom house? A car? What type of car? What type of food? From my $1800/month stipend I am able to build up a savings. It requires work.
"We've been through this over and over each time the minimum wage has
come up and been expanded. Every single time, the net effect on jobs was
negligible but economic activity increased. We wouldn't still have it
if it didn't work."
When you look at select groups you find that when the min. wage increases so does unemployment. Those groups are teenagers and those with low skills. That is because they have been out priced out of the market. You don't see it on the grand scale because it has been small compared to the overall economy. It gets lost in the statistical noise. But if you were to raise it up to $15/hr then several jobs will be lost, especially in low income areas in the midwest.
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