the real reason minimum wage laws exist

[UncagedkillaG]

fully agreed

However, with cost of living going up and the US dollar losing value, minimum wage should be increased to $10 max imo

 

[slimreaper]

However, with cost of living going up and the US dollar losing value, minimum wage should be increased to $10 max imo

I disagree with this.


I believe we should do away with the minimum wage so as to have more young unskilled workers getting employed.


If young unskilled workers are employed(even for cheap) in droves the skills they gain will make them viable options for "real jobs" later on. Not only will america get more tax payers, it will serve to curb gang violence, and bring much needed income to urban families outside of the main breadwinner.


[video=youtube;Bb9zJJVdUd8]https://www.youtube.com/watch?v=Bb9zJJVdUd8[/video]

 

[UncagedkillaG]

I disagree with this.


I believe we should do away with the minimum wage so as to have more young unskilled workers getting employed.


If young unskilled workers are employed(even for cheap) in droves the skills they gain will make them viable options for "real jobs" later on. Not only will america get more tax payers, it will serve to curb gang violence, and bring much needed income to urban families outside of the main breadwinner.


[video=youtube;Bb9zJJVdUd8]https://www.youtube.com/watch?v=Bb9zJJVdUd8[/video]

What would be the incentive for them to stay at their job though if what they would be paid would be less than what the minimum wage was? (Speaking as if it was to be gotten rid of) not having a floor to say this is the least that your time and work is worth is necessary to keep an employee content enough to come back to work the next day.

 

[slimreaper]

What would be the incentive for them to stay at their job though if what they would be paid would be less than what the minimum wage was? (Speaking as if it was to be gotten rid of) not having a floor to say this is the least that your time and work is worth is necessary to keep an employee content enough to come back to work the next day.

what's the incentive to stay in school once you turn 16 and can drop out? The benefits of just being there out weigh the loss(if you aren't a moron that is). and it's not like they'll be exploited that much. If they would be, more than just 4% of workers would make only minimum wage

 

[Scooby Doo]

I understand you're American, focusing on your country's minimum wage laws, but 'the real reasons why minimum wage laws exist' in the US are obviously not the same as why minimum wage laws exist in all other countries. Just saying.

 

[Yubel]

Higher minimum wage = Higher inflation = Less purchasing power = Back to square one.

 

[Lightbringer]

Higher minimum wage = Higher inflation = Less purchasing power = Back to square one.

That's not how inflation works.

 

[Yubel]

That's not how inflation works.

Go ahead and tell me what inflation is.

 

[Lightbringer]

Go ahead and tell me what inflation is.

There's more than one reason for inflation and inflation doesn't always happen at once universally. It can either be because of demand for a product that cannot keep up the supply or because the government is printing more money which makes the dollar value go down which then pushes up prices. There are literally thousands of more reasons for inflation. You can't quantify it because of one thing. The economy is never stable and there is always something which causes it.

Steady inflation is healthy for the economy. Sometimes, yet rare, there is a window of opportunity where there is a bigger raise in wages than inflation which leads to greater purchasing power and economic growth.

Too much inflation or too much deflation can topple the economy so the government has to make sure it doesn't exceed the 3% range.

The reason why inflation is bad is because not everything inflates at the same rate.