/biz/ - Business & Finance

Roughly 100% of workers in this country worked a minimum wage job at some point in their life, so the idea that one cannot get out of minimum wage is ridiculous.

Other complaints about minimum wage are slightly more legit, but often have far better solutions than just raising the wage through mandate.

I wonder what would happen if they just got rid of the minimum wage. Like how would it all even out.

>>889199
Back to industrial revolution days. Either that or total unionisation

>>889175

This thread has been hashed out a million times.
The entitled fags, and college students who have just gotten out of econ 1101, will spout until they are red in the face about how the minimum wage is a bad thing, and immediately refer to the minimum wage - unemployment relationship. But they are ignoring short-term and long-term pros and cons to regulation, social psychology, and the history of capitalism in general.

In a perfect world, we would not need a minimum wage. But we live in a very imperfect world, with some very greedy, very corrupt, and very tightly controlled industries. The minimum wage protects the proletariat from being abused, which they currently are, perhaps worse than ever.

So yes, fuck yes, you need a minimum wage, and yes it needs to be raised. The people who oppose a minimum wage are the same people that fought OSHA, child labor laws, overtime laws, disability, sick-pay, discrimination, and other regulations that saved a lot of people from misery.

Minimum wage as a concept isn't bad. The issues with raising it to a living wage stems from how fucking bat shit crazy our economy is.

There's a bigger systematic problem in society. I don't know what the answer to that problem is tho.

>>889258
this. econ101 ignores a big thing on the graph called the "owners share". And yes owners need to be compensated very well for all the risks they took. Take bigger bites but leave bigger crumbs as well.

>>889264

Unions. Nearly all industries should be unionized.

A stable industry pays the cost of skilled labor. This was proven by iconic and successful business moguls such as Ford who coined the phrase "safety wage" which protected his skilled work force and pushed away the threat of unionization. His business only went as far as it did because of this highly competitive wage that allowed him to lock down the skilled labor that was vital to his business.

In an economy in which all employers are intelligent enough to understand the intangible value of skilled labor a minimum wage would not be necessary, however as proven by today's economy a minimum wage is necessary as a safeguard against shortsighted idiocy and greedy fools who see the bottom line instead of the business. I look forward to the economic environment that will emerge after the next major crash that weeds out most of today's shit business models.

>>889258
>▶
holy shit, I'm by no means a regular on this board but I am elated to tears that someone has a fucking brain in their head to understand this. So many people are brainwashed by the rhetoric I literally believe most of humanity lives below 90 IQ points. There can not be any possible other explanation.

>>889284

Wait, what? Ford and his $5 days was an example of something entirely different. He worked his $5 workers into the fucking ground (seriously, it's pretty gruesome) and kicked them out the door the moment they slacked cause the line of people who would take their place was endless. It has nothing to do with minimum wage whatsoever, if anything, it shows that a minimum wage could actually hurt the workers since employers could demand more and drop the employees that can't live up to it.

I highly doubt anyone posting in this thread even has a degree with higher than a 3.0 gpa.

>>889199
Say hi to Rockefeller for me.

>>889175
No, but they should force OPs to post full size images.

>>889258
>social psychology, and the history of capitalism in general.
>proletariat
Go to bed Karl Marx.

>discrimination
You DO know that the minimum wage was originally conceived to keep immigrants and minorities from stealing the hard working white man's jorb, right?

>b-b-b-but u jus tek econ 100.0001 dum trust fund babby collej kid, lel
By all means though, keep telling yourself this if it makes you feel better. If you have to validate your opinions by pretending everyone who disagrees with you is probably a whatever, by all means.

>>889292

indeed. It's pretty sad how brainwashed the general public can get.

Steinbeck was right.

>>889292
Literally half have an IQ of 100 or below, that's how IQs work; whatever the world average happens to be is what 100 IQ becomes, so yeah there's fucktons running around at 90 or lower who took a faulty test and think they're at 120.

As soon the government get involved the market takes a shit. Minimum wage jobs were designed to start you off somewhere, until you found something better. Literally the people complaining about minimum wage are the baby boomers. They got pushed out of their jobs and realized they are not going to live forever. They never saved for retirement and spend their life earnings on materialistic crap.

>>889175
Federal minomum wage is retarded. Cities/counties should have minimum wages based on general cost of living in the area. 15$ an hour is shit in NY, but would be awesome in Detroit. It's totally fucked up having a federal minimum wage.

>>889394
Minimum wage is NYC has to be around 25$ to break even. The high cost of living has to do with the Chinks, Vodkalanders, and Camel Jockeys who buy everything and inflate the market price with only a few people buying the big slice of the pie. This is a known problem which pisses off a lot of real estate moguls, and businessmen in general.

>how do you feel

if you are working minimum wage you belong there as you have chosen the wrong workscope

>Should the government force bosses to pay their workers a certain amount of money?

if someone never pushes themselves to be anything but a ditch digger all their life then a ditch diggers wage they will get, no government intervention needed if they cant help themselves

>>889198
>Roughly 100% of workers in this country worked a minimum wage job at some point in their life

kek

>>889397
No one is pissed off by owning valuable property or working in a valuable place. If NYC had no minimum wage I guarantee you the lowest prevailing wage would be livable (otherwise there would be no one to live on it). It might not buy you a two bedroom apartment with a dog, four cars, and six kids going to college but SOMEONE will be able to live on it and that person will do the job.

Markets have a funny way of figuring out the optimum price for things much more accurately than bureaucrats do.

>>889198
>"the capitalist system is not a pyramid; there is plenty enough room for everyone to not be at the bottom."

muh meritocracy

>>889175
If minimum wage workers want severely cut hours and unemployment, more power to them. This may not be a bad thing since their jobs will be automated in ways that we thought were once not feasible. Automation innovation will go through the roof and engineers will get more interesting jobs. Yes, I am a STEM circlejerking neckbear but I don't care.

>>889175
If minimum wage was increased so too would unemployment

>>889842
>It's not fair that some people are extremely wealthy while others are only kind of wealthy. Everyone should be equally poor.

muh correctly implemented communism