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Edited by Bucket of Tears:
2/24/2013 6:28:42 PM
19
The minimum wage should be abolished, and here's why.
Minimum wage is actually bad economic policy and hurts the people it is supposed to help, despite myths describing the opposite. Here are the reasons why it should be abolished:
1. The minimum wage, while meant to act as a wage floor, in reality works as a wage ceiling. I.e. there are only a certain amount of jobs available at that wage, and the amount of people willing to work at that wage often exceeds the supply, which means you have unemployment for that group (you know, the group its supposed to help). [url=http://www.bloomberg.com/news/2011-04-28/mcdonald-s-hires-62-000-during-national-event-24-more-than-planned.html]In 2011, McDonalds hired 62,000 people, but had to turn away almost 1 million other applicants.[/url] Employers also have no incentive to pay someone higher, even if they become more productive at a low skill job.
2. The minimum wage does not allow the market to clear. If there was no minimum wage, companies would be able to bid for workers and negotiate a wage at a level that would satisfy both supply and demand, and clear the market of those looking for jobs. In other words, a market wage would be established where companies and people would have to compete for these jobs, which would lead to more positions being filled and more jobs, because competition drives down wages, initially (in low skilled jobs).
This video also explains quite simply why minimum wage is bad policy: [url]http://www.youtube.com/watch?v=AbuJYhX3prc[/url]
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Your ideals would work in a perfect world where we are all based on an honor system and could actually trust our employers. But we don't. So unless the market is willing to lower the cost of its food and other merchandise, then I don't see how this would work. Companies would always try their hardest to hire workers at the lowest rates possible, and at that point I really don't see the point in having a job at all. The cost of living in my area is a bit high, some of the lower-end apartments are still mostly over $1,000 a month. So you're telling me that we should drop minimum wage and let companies decide how much we make, when minimum wage is already at like $9.60 (or so) an hour? A wage that's already unlivable as it is? As for your argument: "Well why don't we just raise minimum wage to $1,000?". Why can't we just raise it to a million? Because that's absurd, and you're being absurd to defend yourself. You're in college taking economics, but you're not an expert because of that. You obviously have a lot to learn still, mostly in the department of real life experience.
