Raise the minimum wage! Buy a loaf of bread for $10.00! A new car for only $99,000! I’ve been around since $1 an hour. My dad earned 30 cents an hour. Now in Dad’s time, bread was like 5 cents a loaf, and a new car was $750. In my time bread was 15 cents a loaf and a new car was $1500. Get the picture? The cost of living goes up, but nothing really changes, everything is relative. The more it changes the more it remains the same. Raise the minimum wage to $50 an hour, the result will be the same. My former 5 cent candy bar will be about $5, but who cares? My salary will be over $100K, but I will still be where I was financially when it was 5 cents.
Raise the minimum wage! Buy a loaf of bread for $10.00!
“And I heard a voice from among the four living beings say, “A loaf of wheat bread or three loaves of barley will cost a day’s pay. And don’t waste the olive oil and wine.”
New Living Translation Revelation 6:6
Minimum wage - $0.00 per hour.
Now, it you want to pay a stipend to someone who is learning the skill set necessary to carry out the functions of the job, that may be at whatever level the trainee and the employer can come to a strike price on.
Otherwise, the remuneration to the employee is a function of how much value is added to the employer’s bottom line. For every job position put in place, that position was only so the employer can become MORE productive using the resources at the disposal of the business entity. Each job created has a cost, sometimes considerably in excess of the actual wages paid to the employee, in terms of facilities, costs of materials, other inputs, and whatever side benefits beyond wages are offered. If the employee produces less than enough to recover these costs, then that employee faces discharge. If the employee consistently returns MORE to the bottom line of the business enterprise, then the employee is fully deserving of a raise in wages, and in a just world, would receive those increases as a matter of course.
But justice goes out the window when litigation enters into the negotiations.
Suing potential employers so some minimum wage is required, so that the costs of keeping the position available to be filled exceed the expected return to the business enterprise, is one way to shut the doors of the business for good.
The only other response is a widespread and pernicious inflation in general. Inflate wages beyond the return on investment, and everything else has to be kept inflated too.
Kasich's dad was a mail man though.
“Raise the minimum wage! Buy a loaf of bread for $10.00! A new car...”
Easy for you, perhaps, with a self adjusting salary, not so much for the small businessman like me. I have to pay for zero skill labor doubled wages and raise my shop rate to almost double in a very short period of time to pay every employee’s sharply increased wages without scaring my customers away until they see their wages increase. Just how elastic do you think the economy is? These guys are talking doubling minimum wage inside of 3 to 5 years. It’s insane.
There should be NO minimum wage.