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Survival on minimum wage : Swingers Discussion 2182621071
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TOPIC: Survival on minimum wage
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"You conservatives have screamed the raising of minimum wage would doom the economy for as long as I remember. That is not the case at all."

Youth unemployment is the highest it's been in decades. The increase in the minimum wage has been a huge part of this. Increase it further and watch it get worse.

What would be the impact of raising the minimum wage to $20 an hour?

Winter Garden FL
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Everything you just wrote proves my point. Companies strive to reduce their costs, and one way to do this is to replace expensive employees with cheap ones, whether it be by laying off expensive employees and hiring cheap ones, or sending jobs overseas.

Wages are costs. Increased wages = increased costs. The result of this is either reduced profit, or increased prices, or in some cases, lack of profitability and failure of the business. You know it. I know it.

Winter Garden FL
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NK:

These people will never accept that fact that if the base employee does better, they grow the demand for product. Thus more people are needed to produce more, thus more jobs are created and more people can rise to the middle class by opening their own factories and companies to fullfill the demand created by the increased buying power of the masses.

They become trapped someplace, because for the level of greed that they want, the employee must do more for less. This drives demand down, while boosting profits in the short term.

Over time, this short term profit growth becomes increasingly unstable as the bubbles it creates burst one at a time.

The next two bubbles to burst are college loans and medical loan bubbles. There will likely be other smaller bubbles bursting along the way as the real economy isn't rising, but productivity is... Thus why the dow is up.

Hazle Township PA
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And since most companies are making money (according to Wall Street) they can afford a graduated rise in minimum wage. Most business offset cost by laying off or freezing the salaries of workers who make far more than MW.

Because of technology many jobs will be lost in the furure from all fields and wages. Those making 60k will be just as vulverable. Guess who they replace them with? Temp workers for far less money.

You conservatives have screamed the raising of minimum wage would doom the economy for as long as I remember. That is not the case at all. It's scare tactics from the right. You know, the anti-union, ship the jobs overseas types...

Pittsburgh PA
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The increased buying power of those who would get it. It's not a handout like you suggest. They actually have to work for it...

This is again absurd. This would only be the case if employees took their extra money and gave it back to their employer.

I never said it was a handout. It's more like a robbery - government forcing someone to give someone else money at the point of a proverbial gun. But in any case, what I was really asking was why not simply give them government money? Shouldn't that cause a great economic impact? At least that way the extra money is extorted from all of us instead of just those businesses you wish to target.

Winter Garden FL
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1. Increased costs drive up prices of the businesses that have to bear them. The price of a Big Mac goes up when McDonald's costs go up. The increased price of tuna doesn't impact McDonalds. The increased price of beef doesn't impact Starbucks.

2. The ability of a company to succeed is determined by a large number of factors. WalMart succeeds due to volume, good management, and tremendous buying power.

3. The price of a Big Mac was $3.00 in 2008. $3.57 in 2011. Almost a 20% increase. McDonalds announced in 2011 they were raising prices further due to increased costs.

money.msn. com/top-stocks/post.aspx?post=9a81fe34-2dd2-4d79-aa79-c91b464c7663

Listen, I hate to be mean about this, but it's either ignorance or plain ol' argumentative denial to say that increased costs to a business do not result in increased prices of said business. It's straight up math. Profit = gross revenue - costs. Increase costs = reduced profit unless revenue goes up. What is so difficult about this?

Winter Garden FL
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"Again, helps almost nobody. Why not just give them government checks? Where is this money going to come from? "

The increased buying power of those who would get it. It's not a handout like you suggest. They actually have to work for it...

Pittsburgh PA
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"Increased costs to businesses drive up prices. Are you seriously disputing that?"

Yes. McD's seems to keep the cost of those Happy Meals down.

Walmart manages to beat most of their competitors. They even pay a little more. How do they do it?

Pittsburgh PA
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The prices for EVERYTHING is set on a supply/demand basis - from Big Macs to Mercedes Benzs. Costs are costs - wages, leather seats, burger patties, electricity, taxes, government fees and mandates, and giant glowing M signs. All of them drive up your baseline costs, and your prices MUST increase to cover it.

And how many of these professions pay minimun wage? Except for the burgers flippers, None!

The minimum wage will not effect the cost of most goods here as most goods aren't even produced in the US. When's the last time you saw a made in America label on anything?

Pittsburgh PA
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A person working 25 hours at $7.25 probably has essentially no disposable income. A raise of $1.75 per hour is 40 damn dollars a week. You can go out with 40 damn dollars.

Flat Rock NC
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TOPIC: Survival on minimum wage