Your thoughts on minimum wages?

1. What is your title and place of employment?

2. Many argue that raising the minimum wage to where it is today will have a positive impact on the general society and economy. While there are many others that argue that raising the minimum wage to where it is today will have a negative impact. And there are also others who believe raising the minimum wage is pointless (due to the cause and effect). Where do you fall in all of this?

3. What are your thoughts on the cost of living in connections with the minimum wage?

4. What are your thoughts on the success of our economy in connections with raising the minimum wage?

5. Should there be a free market that determines minimum wage?

6. Who benefits from raising the minimum wage?

7. Who doesn't benefit from raising the minimum wage?

Answer:
Engineer, metal fabrication company
2. Negative impact. No way to rig wages without damaging the free market system. Price rigging diverts resources away from their most valued uses.
3. A ratchet mechanism that sets in motion the next wave of increases in cost of living.
4. Raising minimum wage hurts the economy.
5. Wages should be determined by the market. In that case there would be no minimum wage. Same thing happens if you simply don't raise the minimum wage.
6. The only benefactors of increasing the minimum wage are unprincipled policitians who use their support for increasing minimum wage to buy the votes of the weak minded and uninformed.
7. Those most hurt by the minimum wage are entry level workers trying to get their first job. Because no matter what the official minimum wage is claimed to be, the actual minimum wage is always zero. Thats the wage earned by a person without a job. You can't raise a family on minimum wage, and you shouldn't try. If you can't earn more than minimum wage maybe you should wait to start that family.
1. graduate student +research assistant at a university

2. Negative impact by destroying jobs and increasing costs.

3. Cost of living varies widely between states and cities/country.
Minimum wage should be raised in expensive cities.

4. It's a tradeoff between average growth and well-being of bottom of income distribution.

5. free market will determine a market wage for every job
Minimum wage is a function of government.

6. People who are worth more to their employer than minimum wage.

7. Firms who pay higher costs, consumers who get higher prices, workers who are displaced by increased min wage.
I think that anyone, who is against raising the Minimum, Wage, should have to live on it, and see just how far there dollar goes, Even all those in Capital hill, pay for there own transportation, health care, dinners, college for there children. That would be something, to see your congressman, or woman, shopping for sales at the local Dollar store, They need to feel it, and then perhaps they could better understand.
1.) Student Worker, LeTourneau University

2, 3.) I believe it will have a negative impact. Minimum wages increase in response to the rising standard of living- which includes inflation - which increases the amount of money in the system, which increases inflation, which causes minimum wage to rise. Its a never-ending cycle.

4.) I don't find much of a connection at all. Is there a corralation? Yes. The economy has been, generally, steadily increasing for the fifty or so years. So has minimum wage, as it's come into existance at the same time. Does that mean that minimum wage has increased the economy? I don't think so. If anything, it's weakened the dollar.

5.) It would hurt to say so, but it might not be a bad idea. Its going to hurt America pretty bad, at its current level, because it might force the standard of living to drop, but then America would be able to compete better on the international market.

6.) People barely getting by, going paycheck to paycheck.

7.) small business owners, those with a small profit-margin.
I thought only teenagers working at summer jobs were subject to minimum wages.
Wages should be proportionate to the degree of difficulty, time, and trouble. If you have a talent expliot it fully. One person can not get by on minimum wage alone. If you have to work 2 jobs to get by, cut corners, and be frugal always. Raising wages will just make prices higher, leave wages where they are and lower the prices on everything instead. It's not going to happen because people are too greedy. I barter more than I use money now, I spend/trade in money for something of real value as quickly as I can. Money isn't everything, I'd rather have my knowledge than money. I don't think anyone besides big business would benefit from wages it will give them a chance to gouge us some more.
In our capitalistic system, minumum wage ought to be determined supply and demand, in other word by the economy. Government set wages is a hallmark of communism.
No one is forced to work for, or to pay minimum wage.
is this your hw if so you should probably answer the first question yourself

The answers post by the user, for information only, FunQA.com does not guarantee the right.



More Questions and Answers:
  • Hasn't the Dow actually lost value since January 2000?
  • According to economic models of public choice, the object of politicians is to?
  • What is a "market clearing price"?
  • Find the equilibrium relative price.?
  • What is Keyne's demand for money?
  • I think there should be a section for best questions.?
  • What are the pros and cons of fiscal and monetary policy??
  • Can we as consumers influence whether a company adopts a model of sustainable growth? how?
  • What forces determine relative regional economic strength on a global scale?
  • What's better? A year of high inflation or high unemployment?