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Re: “Fighting For a Higher Minimum Wage in Idaho

I certainly don't think that this will lead to an "economic disaster". It just won't amount to any kind of income equality. While your investment facts are very interesting, they have nothing to do with the topic. My question for you is: With each of the 14 increases in the minimum wage did the McDonalds and Walmart employees ever feel like income equality was established? Did it ever actually increase their buying power in the long-term? Did it increase employment in their skill and wage level? No, no, and no. FACT.

4 likes, 5 dislikes
Posted by NMarriott on 12/06/2013 at 9:14 AM

Re: “Fighting For a Higher Minimum Wage in Idaho

History has shown that minimum wage increases have had negative impacts on low wage/low skilled workers. Undeniably. There have been more than 30 time series studies done in the US since 1970 that have studied the correlation between minimum wage increases and employment for low wage/low skilled workers. The majority of them show a negative correlation.

5 likes, 9 dislikes
Posted by NMarriott on 12/06/2013 at 7:43 AM

Re: “Fighting For a Higher Minimum Wage in Idaho

Here is how it plays out:

Minimum wages are increased. Minimum wage workers celebrate. Some make irresponsible impulse purchases, most plan responsible ways to spend their new money. Businesses that hire minimum wage workers immediately look for ways to offset increased costs. As labor is typically the largest cost input for employers, these businesses will layoff as many as they can. Some businesses will not lay off any, some will layoff several. Undoubtedly, there will not be an net increase in employment. Many businesses will not be able to layoff many, or any, workers and will proceed to pass on the new costs to the consumers. Inflation is now up.

So let's recap: Employment levels are down. Inflation is up, effectively eating away at least some, if not all of the purchasing power of their newly increased pay. So, ultimately, little has changed except employment is further down than before. Sure there will be a short period of very limited increased economic activity, but it will be undone and then some over time.

Low minimum wages are necessary! They are good for young people (primarily teens) to begin to work, and are useful in enticing people to gain additional skills/education in order to move on to better paying jobs. If these people were worth more money, they would be earning more money. But their jobs require little skill and there are plenty of people that can do it.

I'm not a fan of the current state of income inequality, but this is not the way to fix it. This is a social problem that can not be fixed by legislating higher incomes.

Go ahead and dislike my comment. It doesn't make it any less true. It just makes you a fool with your head in the sand.

14 likes, 27 dislikes
Posted by NMarriott on 12/05/2013 at 4:43 PM

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