Would killing the minimum wage help?

[crwth]

It's okay to be part of the minimum wage community because you have no tax. (That's in my country, I'm not sure with other places) I'm a minimum wage earner and I currently enjoy what I'm doing because of the possibilities that I could do and be thankful that I have a job is what keeps me going, it's not all about the money. I thank Bitcoin for being a part of my sources of income too.

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[coolcoinz]

It's okay to be part of the minimum wage community because you have no tax. (That's in my country, I'm not sure with other places) I'm a minimum wage earner and I currently enjoy what I'm doing because of the possibilities that I could do and be thankful that I have a job is what keeps me going, it's not all about the money. I thank Bitcoin for being a part of my sources of income too.

In most countries you unfortunately are taxed. In the EU most countries have a tax threshold set below the minimum, so you have to be employed half-time to avoid it.
In some countries the tax threshold is set below the level of welfare. This means that if you are poor and receive welfare throughout the year, you'll come up above the threshold! That's one of the dumbest laws, but who am I to argue?

[Okurkabinladin]

Republican Presidential candidate Michele Bachmann quoted "Literally, if we took away the minimum wage-if conceivably it was gone-we could potentially virtually wipe out unemployment completely because we would be able to offer jobs at whatever level."

We hear about and see in our own personal lives where people who once high paying and respectable jobs are now working in at fast food restaurants and retail clothing stores.

I do like having a minimum wage, since it helps protect the lower income class. However, considering how the economy is now and seeing many jobs being offered offshore, removing the min. wage law may actually help keep jobs within the states.

And wasn't one of the top causes of The Great Depression had to do with Herbert Hoover keeping wages from decreasing which ultimately lead to extremely high unemployment rate?

What are your thoughts on this?

Minimum wage in globalized environment keeps atleast some of the GDP in countries used as source of cheap labor. Would its abolishment in States lead to elimination of unemployment? It is very likely.

However, side effects cannot be underestimated. Before such decision, government should conduct studies on impacts.

[Sakura_nakomoto]

Republican Presidential candidate Michele Bachmann quoted "Literally, if we took away the minimum wage-if conceivably it was gone-we could potentially virtually wipe out unemployment completely because we would be able to offer jobs at whatever level."

We hear about and see in our own personal lives where people who once high paying and respectable jobs are now working in at fast food restaurants and retail clothing stores.

I do like having a minimum wage, since it helps protect the lower income class. However, considering how the economy is now and seeing many jobs being offered offshore, removing the min. wage law may actually help keep jobs within the states.

And wasn't one of the top causes of The Great Depression had to do with Herbert Hoover keeping wages from decreasing which ultimately lead to extremely high unemployment rate?

What are your thoughts on this?

Minimum wage in globalized environment keeps atleast some of the GDP in countries used as source of cheap labor. Would its abolishment in States lead to elimination of unemployment? It is very likely.

However, side effects cannot be underestimated. Before such decision, government should conduct studies on impacts.

Your words sound like a sentence Especially for those countries where the minimum wage is much lower than the minimum subsistence minimum, with the retirement age increasing every year. How to live in such conditions to a simple worker whose health is not so much already.

[zend7]

It is wrong for many countries. Minimum wage is needed for many poor families and their life. Minimum wage can help lower income families which in many countries are the majority so removing the minimum wage can only do harm to the majority of the population in many countries of the world. Killing the minimum wage can make the saying "rich are getting richer while poor are getting poorer" more evident and can bring many discontent to population of a country which can be translated into rage on the roads. Killing the minimum wage it is plain wrong.

[alizay]

In a globalized capitalist world, getting rid of min wage is stepping back a lot. People worldwide will always want to buy their items at the cheapest price possible if you give them the possibility, meaning that the workers are gonna be paid less and less so the items remain cheap. Might solve unemployment in the short run but in the middle/long-run? and lower wages = lower prices = increase in the demand = more consumption = more pollution and also = bigger margins in the hands of the same ppl. Bc don't forget that theories are always good on paper, but the system is always going to be corrupted at some point. In a nutshell I think killing minimum wage is just giving more power to capitalism and raise the risk of poverty in the country. Look at countries in Southern Asia, India, or Africa that have a very low min wage and a big black market. And then you can say goodbye to your skilled worker for sure.
I might be wrong, but I think a lot of expatriated skilled workers left their country because they wanted to discover the world and open their mind at some point, and not because they couldn't find a job in their home country (or at least it's not the majority)

[futurepast1019]

I think current debates should pay more attention to the positive effects of an increase in the minimum wage on living standards, on health and educational outcomes, on reducing inequality and on poverty reduction among low-wage households, rather than on employment effects.

[hownowbrowncow]

Killing the minimum wage is not a good idea, but it is also not a good idea to aggressively raise the minimum wage. As increasing minimum wage by a large amount forces prices to go up which results in less value for more money.

[saymynem]

It is wrong for many countries. Minimum wage is needed for many poor families and their life. Minimum wage can help lower income families which in many countries are the majority so removing the minimum wage can only do harm to the majority of the population in many countries of the world. Killing the minimum wage can make the saying "rich are getting richer while poor are getting poorer" more evident and can bring many discontent to population of a country which can be translated into rage on the roads. Killing the minimum wage it is plain wrong.

Why do people have more children than they can afford to raise?  It's a little selfish to bank on everyone else paying for them.  If you're future prospects aren't better than a minimum wage job, maybe you should rethink if a having children is a responsible decision.

[billysunday2000]

On the surface it may seem that a very high minimum wage would be good for people.  But the minimum wage is forcing low skill workers out of a job.  If some one is not able to produce more than minimum wage then a company is unable to hire them - otherwise the company would lose money and go out of business.  If the minimum wage is too high the worker would then be displaced my automation and robots etc.

[saymynem]

To referring to the Bachman quote, it's literally true.  No minimum wage means essentially no unemployment.  Everyone's employable at $0.01/hr!  So while it "solves" unemployment, the real question is if that is the outcome we want.

Personally, I've always felt that we should try to minimize the number of jobs, not maximize them, but what do I know...

[webelong]

It will still be a no.Because even if you try to increase the minimum wage or just kill it the ones who will benefit from it will be the people with good jobs.How about lower class jobs.Still it can not sustain their everyday life barely because of prices on goods and commodities.

[Sundark]

It's bullshit, bcz people won't go to work for cents. So, unemployment will be the same. It could also grow because employers will cut a wage and many people will leave their jobs.

[crypcoinmonster]

Specialty in work always differ. Some jobs are harder than the others.

[dansmith_99]

I think it would very extremely interesting if the minimum wage was taken away. Companies would not be able to just set the pay to the lowest possible because they would not longer get any more employees. I think that wages would most likely go up. Its all supply and demand.

[MoonShadow]

It's bullshit, bcz people won't go to work for cents. So, unemployment will be the same. It could also grow because employers will cut a wage and many people will leave their jobs.

If employers cut their wages, and workers quit, what happens to the wages?  Workers may quit, and are likely to look for another job that pays more.  In fact, that's exactly how the labor market works already.  So employers don't have monoposony power over their employees overall, they have to pay enough that their trained employees won't quit en masse.  We already know that, in general, that market labor rate is higher than the minimum rate anyway.  My daughter was offered over the minimum rate to work at a fast food restaurant without any work experience at all.

[pogiparin]

nope. it will just be the same. different jobs have different payments. minimum wages keep industries alive

[tsinelas]

Republican Presidential candidate Michele Bachmann quoted "Literally, if we took away the minimum wage-if conceivably it was gone-we could potentially virtually wipe out unemployment completely because we would be able to offer jobs at whatever level."

We hear about and see in our own personal lives where people who once high paying and respectable jobs are now working in at fast food restaurants and retail clothing stores.

I do like having a minimum wage, since it helps protect the lower income class. However, considering how the economy is now and seeing many jobs being offered offshore, removing the min. wage law may actually help keep jobs within the states.

And wasn't one of the top causes of The Great Depression had to do with Herbert Hoover keeping wages from decreasing which ultimately lead to extremely high unemployment rate?

What are your thoughts on this?

I really don't know if killing the minimum wage may help. there are times even if wages increase, the price of consumables also increases so there was no change on it's effect to those people that needs it.

[Sithara007]

I have always felt that minimum wages are against fair competition. If the requirement is abolished, then more jobs can be created. The rate of unemployment will get reduced and the government can cut back on welfare spending. If you feel that you are not getting paid enough for a particular job, then the best solution is to resign from that job and find another one. Plain and simple.

[RoseIsaiah]

I don't think so. We just need to learn how to live in harmony with nature.