Increasing wages by 35% could cause a 100% decrease in wages for some.
'Minimum Wage' Leads To 'Zero Wage'
I would support a national effort to eliminate the minimum wage... Only you'd have to call it the "Employee Freedom Act" to get votes. :)
Walter Williams has talked and written extensively on this topic. Minimum wage laws should be repealed.
Magical thinking suggests that you can just wave a wand and pay those at the bottom more money.
Or tax those at the top more and pay for services to those at the bottom.
But a little bit of reality thinking suggests that if a rich person has to cut back, they fire their driver, cut the housekeeper's hours, or stop propping up a failing company and let it go bankrupt, laying off the employees. I mean, if they give the money to government, it has to come from somewhere. Even if it means they have to sell stock, that impacts the price of the stock, and reduces the value of retiree's IRA's.
If you raise the minimum wage, it's cheaper to give overtime to existing employees than to hire entry level employees. And any business that relies on those workers that is on the edge, will go under, causing job losses.
Economics has laws that are as un-breakable as the laws of physics. Magical thinking does not work.
What do you think? http://consequeries.com/
..the jobs themselves.
No self respecting person would start a business with all this instability and regs. They will just sit on their cash till the blockage is removed and there is a movement or go overseas.
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