Minimum Wage Increase backslash estate tax

Nepa · #1 07-29-2006, 12:04 AM

GOP Makes Conditions on Wage Increase FORBES

It looks like the Republican's will try anything to try and get the estate tax bill into law. Even Blackmail!

I would love to see the minimum wage law go to a vote without estate tax cuts provisions. I do realize though, The only way this is going to possibly happen is next year after there are some changes after the election.

RR · #2 07-29-2006, 11:26 AM

Other than politicians backing it who do you see being helped by an increase in the minumum wage?

Nepa · #3 07-29-2006, 11:36 AM

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Other than politicians backing it who do you see being helped by an increase in the minumum wage?

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The more and more I think about it I really don't care if the Feds raise the min. wage. They should since they raised there own wage like 10 times since they last raised the min. wage. It can be handled by the state as a states rights issue but, with that being said. The feds can not afford another tax cut for the richest 2 percent.

As far as being help. Poor college students and the poor in general stand to benefit.

RR · #4 07-29-2006, 11:48 AM

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As far as being help. Poor college students and the poor in general stand to benefit.

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In what wy will they be helped? WIll there be more or fewer jobs for min wage workers with an increase in min wage? Will the money they earn be worth more, less, or the same as the money they earn now.

http://tinyurl.com/j6t2l

That is a link to a book written by two of my college profs. It has been about 10 years since I read it the last time so I don't remember exactly what is in there about this issue (I confuse what was in this book with the other material from the same class). I don't know of anyone that has studied this issue that thinks waging the minimum wage is good thing for min wage workers (if someone has done some serious research showing this might not be true I would love hear about it).

edit for full disclosure: I work in an industry that employs a lot of min wage employees, controliing labor cost is a big deal, I don't imagine it will be good at all for min wage workers if that cost is driven up.

4 High · #5 07-29-2006, 12:09 PM

Minimum wage should be higher, its impossible to live off of it, and there are many trying to.

This tax cut is horrible.

Im sure plenty of ACers will come in here with "bad on the wage hike, way good on the tax cut" tho.

RR · #6 07-29-2006, 12:12 PM

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Minimum wage should be higher, its impossible to live off of it, and there are many trying to.

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Do you think they will have more, less, or the same purchasing power if the min wage is increased?

If the min wage goes up will you think it will be easier, harder, or the same for a min wage worker to find a job?

4 High · #7 07-29-2006, 12:29 PM

We could look at the last hike, and see what happened there.

Outside of that, you think it is ok to keep people in poverty? What solution would you have to help these people not live week to week on small paychecks?

RR · #8 07-29-2006, 12:39 PM

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We could look at the last hike, and see what happened there.

Outside of that, you think it is ok to keep people in poverty? What solution would you have to help these people not live week to week on small paychecks?

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Looking at the history of what happens when the min wage is increased is a very good idea. I posted a link to a book that covers the hostory of labor in the US, you might enjoy it.

I don't have a plan plan to get people out of poverty. I do know that raising the price of their labor above the marginal prdouct of their labor will make their labor be unemployed. I am pretty sure being unable to sell their labor becasue purchasers of labor are forced to pay more than they can produce will be hard on their earnings. (In simplier terms if what you can produce is worth $5.15 an hour, forcing employers to pay you $6 an hour will cause you to lose your job).

I would be interested in knowing what percentage of min wage workers live in households that are at a poverty level. I know some people like to paint a picture of a min wage worker struggling to support a family. I think the typical min wage worker is a student or someone that is being supported by someone else in their household.

FlFishOn · #9 07-29-2006, 12:43 PM

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I work in an industry that employs a lot of min wage employees, controliing labor cost is a big deal,

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I'm very interested in the real world economics where the cost of labor is close to its value. Please share any details.

RR · #10 07-29-2006, 12:56 PM

[ QUOTE ]
[ QUOTE ]
I work in an industry that employs a lot of min wage employees, controliing labor cost is a big deal,

[/ QUOTE ]

I'm very interested in the real world economics where the cost of labor is close to its value. Please share any details.

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Well I work in a casino so the marginal product of having another dealer around is close to zero. Only when there are very few breaks does having an extra dealer add any value to the casinos bottom line, so there is always pressure to get dealers out the door. Right now there are more people wanting to be dealers than there are positions for dealers so it does not seem like it would help these people find work to force them to charge more for their labor (if they can't find a job at $5.15/hr how would it be good for them to be forced to look for one at $6.00/hr?)