MinimumWage

[tutall]

http://www.foxbusiness.com/story/mar...ncrease-stand/

SO i really dont get minimum wage. First off, very few people who are supporting a family only make minimum wage. Second, Anytime minimum wage is increased it only make the prices of things rise and really screw over all the people currently in jobs as they are narrowing the wage gap and making prices of goods and services go up. If mcdonalds has to raise the minimum they are paying employees to over 9 dollars as put in the story (which i have not looked at so that number may be wrong) either one of two things have to happen. They either raise the prices to consumers or cut jobs. Im just not sure how either of those will help anything else. It says it will boost spending by 5.5 billion.... So factor in either inflation or job loss and that number isnt even close. I just have never seen a good argument for raising minimum wage and i have to agree with the economist in the story. I think the market should determine wages not a federal minimum wage.

[OnePimpTiger]

People who support minimum wage only look at a small group of people making more money. They don't look at increases in prices or reduction in new hires or possible loss of jobs, etc.

This article kills me. For anyone who yells about Fox News being just conservative propaganda...exhibit A. Minimum wage is one of the most liberal policies on the books. And the first paragraph really takes the cake:

In the wake of the worst economy in decades, a new stimulus is scheduled to take effect next month -- one which will increase pay for about one of every 10 workers, increasing spending power by an estimated $5.5 billion -- yet one prominent economist is arguing against it.

One? There are hundreds and thousands of economists who are against minimum wage altogether, let alone incremental increases. They make it sound like this guy is making up stuff all by himself. If you want to debate the topic, fine...but at least do it credibly and presenting all the information instead of calling out one guy and trying to make him look like a lunatic.

[WantToTrade]

I'm not too sure how minimum wage works on the economy but when I was making $5.75then Wisconsin's minimum wage was bumped up to $6.50 I appreciated the extra money A LOT. Considering I was a 16 years old and had to pay for rent, utilities, groceries, phone bill etc. And I'm sure there are thousands of people like me if not millions that would benefit.

[tutall]

It may benefit a few people but it will also put a lot of people out of work or raise prices. One of those two things would have to happen as businesses who employ those people cant just sustain a huge wage increase and not do something to combat it

[daniel3417]

Any sort of interference by the Government in the free market by definition causes inefficiency. I love how beautiful that term is: Inefficiency. So true with any the Government does.

Price floors, i.e. minimum wage, cause a surplus of workers. It's basic economics. This is not an opinion. It's a fact. Draw a graph. Yes indeed, ladies and gentlemen, any increase in minimum wage will eventually lead to a rise in unemployment. It's perfectly logical, too. A manager has a budget. The wonderful Government who knows nothing about business decides to make things fair by raising the wage for those doing basic work. Fair. This manager might have to fire a worker, especially if they're already cutting it close. At the very least, no one can seek employment there.

Go ask said fired person about the fairness of minimum wage.