What are the chances of minimum wage being lowered or removed in the next 70 years?

[Acorn Eyes]

With Andy Puzder potentially doing something about minimum wage, we might see minimum wage be finally removed. But I'm afraid that congress believes this is political suicide and it won't happen.

 

Regardless of your stance on the free market, what do you think are the chances of it gaining any ground in the next 70 years?

[Mug]

• It would be an awful idea
• No chance
• The "free market" doesn't work, you have to have some aspect of government intervention to stop companies screwing people over.

[Real_PhillBert]

Sounds more like a states issue than a federal one to me.

[Acorn Eyes]

3 minutes ago, Mug said:

• It would be an awful idea
• No chance
• The "free market" doesn't work, you have to have some aspect of government intervention to stop companies screwing people over.

http://www.investopedia.com/articles/investing/080515/5-developed-countries-without-minimum-wages.asp

 

While they do not have a true free market, they do not have minimum wages and succeed well.

[Acorn Eyes]

2 minutes ago, Real_PhillBert said:

Sounds more like a states issue than a federal one to me.

Unless you pass a law to abolish all minimum wages.

[Real_PhillBert]

5 minutes ago, Acorn Eyes said:

Unless you pass a law to abolish all minimum wages.

Which I would argue would violate the states rights of free governorship. I don't support a minimum wage, but the fed should never be forcing the states into positions like that. 

[Mug]

1 minute ago, Acorn Eyes said:

http://www.investopedia.com/articles/investing/080515/5-developed-countries-without-minimum-wages.asp

 

While they do not have a true free market, they do not have minimum wages and succeed well.

??? thinking that these countries are true free markets suggests a complete lack of knowledge of the labour laws in all of these countries.

 

And again, all of these countries have mych more free trade union movements than America, so that's how workers' wages are protected. Given the choice between rampant 1970s Britain-style strikes or a mandatory minimum wage, which one would you choose? Pretty sure Congress would choose the minimum wage.

 

Like it's clearly Thatcherite-type idealism that creates this, not logically thinking about workers' rights. This style works in these countries but not in America because of long-established principles that America just doesn't have.

[Acorn Eyes]

1 minute ago, Real_PhillBert said:

Which I would argue would violate the states rights of free governorship. I don't support a minimum wage, but the fed should never be forcing the states into positions like that. 

So basically in the US, its impossible to abolish minimum wage. 

 

I never thought I'd say this, I love this country, but it looks like my birth-land Denmark is so much better economically.

[Acorn Eyes]

1 minute ago, Mug said:

??? thinking that these countries are true free markets suggests a complete lack of knowledge of the labour laws in all of these countries.

  8 minutes ago, Acorn Eyes said:

While they do not have a true free market, they do not have minimum wages and succeed well.

 

[Misanthrope]

The tendency is full automation and making more jobs obsolete. Forget minimum wage, societies will need to start providing living wages or they'll have massive uprisings on their plate. 

[GSTARR]

I'm sure someone here knows the answer, but besides more regulations and policies how would you make sure that somebody is paid fairly, since now it's at the employer's hands, and how much work a job is, is totally based on perspective?

 

Everybody in the world thinks they do too much for what little they make, even if in reality they make exactly what they deserve

[Misanthrope]

2 minutes ago, Acorn Eyes said:

While they do not have a true free market, they do not have minimum wages and succeed well.

 

Because of their extensive social programs: free healthcare free education, plenty of benefits. Minimum wage is not needed it's superceded by the safety net of a socialist democracy. 

[Real_PhillBert]

3 minutes ago, Acorn Eyes said:

So basically in the US, its impossible to abolish minimum wage. 

 

I never thought I'd say this, I love this country, but it looks like my birth-land Denmark is so much better economically.

No, I didn't say that...

 

If the federal government removed their minimum wage, and each state did the same, there would be no minimum wage in the US. However right now the federal government mandates a minimum wage ($7.25/hour I think, could be wrong though) and different states have varying minimum wages.

[Acorn Eyes]

2 minutes ago, GSTARR said:

I'm sure someone here knows the answer, but besides more regulations and policies how would you make sure that somebody is paid fairly, since now it's at the employer's hands, and how much work a job is, is totally based on perspective?

 

Everybody in the world thinks they do too much for what little they make, even if in reality they make exactly what they deserve

Without minimum wage, small business thrive. Lots of small businesses means more jobs for potential employees. 

 

This means that these employees can bargain better wages. 

 

Why should they work at company A for $5 when they can work at B for $7?
Company A offers $8 because they can afford it.

[Acorn Eyes]

3 minutes ago, Real_PhillBert said:

No, I didn't say that...

 

If the federal government removed their minimum wage, and each state did the same, there would be no minimum wage in the US. However right now the federal government mandates a minimum wage ($7.25/hour [that's correct]) and different states have varying minimum wages.

I just mean that with states like Washington, Oregon, and California it would never happen. Or it might but the possibility is just tiny.

[Acorn Eyes]

7 minutes ago, Misanthrope said:

The tendency is full automation and making more jobs obsolete. Forget minimum wage, societies will need to start providing living wages or they'll have massive uprisings on their plate. 

I can't find any evidence for or against my claim. But I do not think a living wage is even possible in the first place. As the wage increases, so does the cost of goods and services.

[Real_PhillBert]

5 minutes ago, Acorn Eyes said:

I just mean that with states like Washington, Oregon, and California it would never happen. Or it might but the possibility is just tiny.

Anything is possible, but the odds of the fed abolishing a minimum wage and each state doing the same is beyond minuscule. 

[Misanthrope]

3 minutes ago, Acorn Eyes said:

I can't find any evidence for or against my claim. But I do not think a living wage is even possible in the first place. As the wage increases, so does the cost of goods and services.

It doesn't depends that much on the market but on taxation and government administration. If you are advocating for Libertarianism or Anarcho-Capitalism billions will be out of jobs and it would break down the social order to say only very highly educated people get to live and all others get to starve. 

[MrDynamicMan]

1 hour ago, Acorn Eyes said:

http://www.investopedia.com/articles/investing/080515/5-developed-countries-without-minimum-wages.asp

 

While they do not have a true free market, they do not have minimum wages and succeed well.

Note how every single one of these already has a very low, relatively rich population. This wouldnt work in america.

[MrDynamicMan]

1 hour ago, Acorn Eyes said:

I can't find any evidence for or against my claim. But I do not think a living wage is even possible in the first place. As the wage increases, so does the cost of goods and services.

But not linearly. Simply because McD's workers are now paid 1/12 of what they where earning before doesnt mean the price will go down to 1/12. If anything price will stay the same and that gone overhead will be replaced with a fatter profit margin.

[alicskysareblue]

4 hours ago, Acorn Eyes said:

http://www.investopedia.com/articles/investing/080515/5-developed-countries-without-minimum-wages.asp

 

While they do not have a true free market, they do not have minimum wages and succeed well.

I think it would be a disaster, people who advocate for no min wage point to other countries in europe but those countries allow union and bargaining whil in the us many states have outlawed bargaining rights.

 

 

[Acorn Eyes]

3 hours ago, MrDynamicMan said:

But not linearly. Simply because McD's workers are now paid 1/12 of what they where earning before doesnt mean the price will go down to 1/12. If anything price will stay the same and that gone overhead will be replaced with a fatter profit margin.

Funny you use McDonald's as an example. Their profit margin is only $0.25 per menu item.

 

If you increase the wages, even by $0.25, it'll increase prices since (as far as I'm aware) McDonald's is not a non-for-profit orginizaiton

[Acorn Eyes]

18 minutes ago, elderago said:

I think it would be a disaster, people who advocate for no min wage point to other countries in europe but those countries allow union and bargaining whil in the us many states have outlawed bargaining rights.

 

Like I've said before, if there are more jobs than potential employees, then its not the employees that bargain. It's the businesses.

[AshleyAshes]

I'm not so sure one should put much stock into the economic theories presented by a guy who can be easily conned out of money...

[Acorn Eyes]

4 hours ago, AshleyAshes said:

I'm not so sure one should put much stock into the economic theories presented by a guy who can be easily conned out of money...

First of all, I never presented any economic theory. I simply asked a question with an objective answer.

 

Second of all, like I said I never presented any economic theory, I'm working off of existing free market theories that take less than 2 minutes to look up. Something that you don't need to look at a singular person for (i.e. me) and can trust any number of people.

 

Third of all, you're kind of missing the point from that post. That guy witnessed a kid get crushed by a tree, I'm sure a lot of people sympathize with someone who they are almost completely certain saw or were part of a tragic event. 

 

Your logic doesn't make too much sense for bringing that up.