Minimum Wage is NOT Necessary
The minimum wage is a matter of debate, especially in the United States, as its name suggests, it is the minimum that an employer can pay its employee, as paying him/her less would be illegal. This translates into tremendous problems, not only for the employer and his company, which will have to adjust the salary scale and try to continue to generate profit, but also creates problems for the country's economy.
Source
Let's see if we understand, if they raise the minimum wage, all wages rise, consequently all prices rise, what means, worse for the economy and worse for those who want to create their own business. This is something that happens and obviously will always happen because if you raise the minimum wage to $15 an hour, how much will you pay people who worked for years to get to $15 an hour? You can't let them make as much money as a 17years old boy who just got his job, let's say you fix this by raising these people's pay to $18 an hour, all right, but now, what about the people who already make $18 an hour?, and so on, it's a never-ending problem.
"What good does it do a black youth to know that an employer must pay him a minimum wage if the fact that he must be paid that wage keeps him from getting a job?" Source
How much should the Minimum Wage be?
How much should the Minimum Wage be?The short answer is 0 dollars, the simple increase of the minimum wage represents a great complication for the young people without experience who want to get a job, it represents a damage to the economy of the country and of course to the businesses that have to pay for it, this is not a free economy, this affects the employer and the employees, Being those who have little or no experience the most affected because no one is going to pay such a high amount to someone without experience, then it only creates unemployment, creates more inflation, causes many small businesses to close and therefore are jobs that are lost and of course complicates even more the creation of new businesses, which means that it complicates job creation.
"The idea of using a minimum wage to overcome poverty is old, honorable - and fundamentally flawed. It's time to put this hoary debate behind us, and find a better way to improve the lives of people who work very hard for very little." Source
The minimum wage does not work, otherwise, why just stay at $15?, why not raise the wage to $30, $50, $100 or even $5,000?, because the money is not infinite, because to do so would be catastrophic for the private sector, because almost nobody would be able to pay those amounts, because nobody would pay someone who is inexperienced an amount like that and finally because it would create tremendous economic inflation.
"The minimum wage was made to prevent employers from exploiting their workers" FALSE. In a real free market you reach an agreement with your employer or employee to determine the salary to be paid, it is completely VOLUNTEER, if you accept the contract it means you accept the terms of the contract. The minimum wage was created with the aim of creating an illusion among the working class on the part of the leftists that they would live better magically and that there would be no economic consequences, in other words, it is only a political strategy to win votes and this is a very good reason why they should teach economics in schools. A great example of this is Venezuela, in Venezuela people are scared every time Nicolás Maduro announces a salary increase, because people already know that the only thing that this increase will do is to increase the astronomical inflation that the country is experiencing and that will continue to hit the private sector, that is, it will only aggravate the situation in the country.
Source
"The sensible way to deal with poverty and low income is to allow the market to work itself out, see what employers are willing to pay in various areas for various types and skill levels of labour, and if there's people let over at the end who do not have what we regard as a sufficient income then we give them some money. That is, poverty and low incomes are to be dealt with through the welfare system and redistribution, not by messing with the market." Source
In short, the minimum wage is only a political strategy, it does not represent any kind of benefit to anyone whatsoever in the short or long term, in fact, on the contrary, it only generates economic problems and attacks the freedom of the market and the economic freedom of people, it is further proof that the regulations that the government applies to the economy are anything but positive and at the same time the proof that an economy is much healthier if it is free.
Unfortunately, the real minimum wage is always zero, regardless of the laws, and that is the wage that many workers receive in the wake of the creation or escalation of a government-mandated minimum wage, because they lose their jobs or fail to find jobs when they enter the labor force. Making it illegal to pay less than a given amount does not make a worker’s productivity worth that amount—and, if it is not, that worker is unlikely to be employed.” - Thomas Sowell
Unfortunately, the real minimum wage is always zero, regardless of the laws, and that is the wage that many workers receive in the wake of the creation or escalation of a government-mandated minimum wage, because they lose their jobs or fail to find jobs when they enter the labor force. Making it illegal to pay less than a given amount does not make a worker’s productivity worth that amount—and, if it is not, that worker is unlikely to be employed.” - Thomas Sowell
| # | References | Titles |
|---|---|---|
| 1 | Forbes | Instead of $15, Or $7.25, There Should Be No Federal Minimum Wage At All |
| 2 | The New York Times | The Right Minimum Wage: $0.00 |
| 3 | Youtube | What's the Right Minimum Wage? |
| 4 | Youtube | Who Does a $15 Minimum Wage Help? |
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Upvoted from the whaleshares show
Thanks Crystal!
This is a good topic and you brought out some good points. The deeper issue is that fundamentally a minimum wage - which is value received de-coupled from value produced - is an artificial construct.
As you rightly point out, the problem is that whenever artificial forces are brought into an economy, there is an inevitable, and often unwelcome, reaction.
So good content - keep it coming.
Thanks my friend!