Would you favor increasing the minimum wage by a dollar? By two dollars? By five dollars? Explain your reas
Answer:
No, because any mandated price or cost of anything creates an inefficient artificiality. Does one hour of productive labor in every single industry have a minimum or maximum value? Is that one hour of labor equivalent in every locale every day of the year?
Also, who would you like to entrust with the power to set the minimum wage? What if we elected Santa Claus President next year, and the minimum wage was set by Executive Decree at $100? Any estimates on what inflation would be the next quarter? If there wasn't inflation, many goods and services would not be economical to produce, or at least not here.
Last time I checked, no one was forced to take a job in the US-if no one (legally, but thats another subject) will take a job at the "minimum wage" I guess its really not the minimum.
We should abolish the minimum wage entirely. By having a poverty level minimum wage, we are saying to businesses that it's ok to pay people that wage. And we are saying to workers that they're only worth that much.
If we didn't have a minimum wage, maybe people would stand up for themselves and demand to be paid what they are worth, rather than just accepting the minimum wage because the government says that wage is OK. And maybe employers would try to figure out how much their employees are worth and paying them that, instead of just paying them as little as legally possible.
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