While we are talking about economic stimulus I thought I’d bring up the $15 minimum wage. Pros and cons?
$15.00 minimum wage
by hoser 30 Replies latest jw friends
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road to nowhere
Pro: only an adjustment of the original starting wage ( meant for parttime children dren according to one source
Con: basic costs follow the supply of money. Too many people stay in starting positions and never learn a skill.
Other wages would have to rise to attract schooled people. A corollary of this is the tuition increase ehen the government attempted to increase college attendance
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stan livedeath
in the UK the minimum for 2021 is £8.91 an hour.
so--a couple both working full time would earn over £600 a week, which is a lot better than unemployment benefit.
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MeanMrMustard
If we had a minimum wage of $150/hr, then we would all be a wealthy as lawyers, right?
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Rocketman123
It seems that the set minimum wage hasn't really been kept up to the cost of living index,. so maybe there needs to be an adjustment, at least in North America .
Putting into law a set minimum wage kind of blocks unscrupulous employers to exploit young venerable people to their advantage.
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Incognito
Raising the minimum wage is never in isolation.
While it may seem great for those making the minimum to raise their standard of living, employers make-up for increased expenses by increasinging prices and/or reducing the number of employees working each shift so less people are forced to do more work.
Employees that had already advanced to higher paying jobs through experience and additional responsibilities, suddenly find new hires with no experience or knowledge will make the same or sometimes more than they are making, so they too want an increase well above minimum to compensate.
This all happened in my province when the minimum rate was increased substantially.
Now with the cost of everything higher as a result, those receiving the new higher minimum rate, often find they are now no better off and often worse off (fewer paid hours) than before the minimum rate was increased.
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MeanMrMustard
Setting minimum wage, maximum wage, interest rates, etc. is an exercise in price fixing.
The better question : What are prices, what is their function, and is it EVER good to engage in fixing the price by law?
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