The Minimum Wage: What's the Big Deal?

#251
#251
volinbham said:
Probably depends on your starting point for analysis. Other start dates show a bigger deficit with inflation but none suggest it should be 15 or even 12 bucks/hour
Click to expand...

Rasputin_Vol said:
In 1963, $1.25 or five 90% silver quarters is roughly .9 troy oz of silver.

2080 working hours in a year means that person on minimum wage earned $1.25 X 2080 = $2600/yr.

The ratio of the avg annual income to the minimum wage income for 1963 is $4396/$2600 = 1.69

Today, at roughly $15.36 per oz, minimum wage should be .9 troy silver X $15.36 = $13.83. Assuming 2080 hrs in a work year that comes to $13.83 X 2080 = $28,753.92/yr.

That same person today being paid in fiat trash dollars would make $7.25 X 2080 = $15,080/yr.

If the avg annual income today is $41,673, then the ration of avg annual income to minimum wage in fiat trash dollars is 2.76. Yet, if we paid in 90% silver like we did in 1963, the ratio is $41,673/$28,753.92 = 1.44, which is a close to the 1963 ratio.

Fiat money is robbing you...
Click to expand...

At roughly 30 cents/gallon in 1963, one hour of labor at minimum wage bought you just over 4 gallons of gasoline, at $1.25/hr. Today, $7.25 will buy a little over 2 gallons. If you paid the minimum wage worker with .9 troy oz of silver at todays price, they could by 4 gallons of gas.

Fiat money is robbing you.
 
  • Like
Reactions: 2 people
#252
#252
Rasputin_Vol said:
At roughly 30 cents/gallon in 1963, one hour of labor at minimum wage bought you just over 4 gallons of gasoline, at $1.25/hr. Today, $7.25 will buy a little over 2 gallons. If you paid the minimum wage worker with .9 troy oz of silver at todays price, they could by 4 gallons of gas.

Fiat money is robbing you.
Click to expand...

How many people were buying gas in 1963 vs today? Supply and demand baby.
 
#253
#253
Somehow the liberal hellhole that is New York has a lower unemployment rate than conservative utopian Tennessee.
 
#254
#254
Velo Vol said:
Somehow the liberal hellhole that is New York has a lower unemployment rate than conservative utopian Tennessee.
Click to expand...

How's it compare to Texas?

There's more people in nyc than in the entire state of Tennessee. Apples and oranges.
 
#259
#259
BeecherVol said:
Well, the "free market" part is actually pretty easy to figure.

I own my business, should my employees tell me what they should make. And further tell me what I should make?
Click to expand...

I guarantee that anyone answering yes to that question has never been faced with meeting a payroll.
 
  • Like
Reactions: 1 person
#260
#260
Brave Volunteer said:
Of course not. However there has to be a "happy medium" somewhere. Employees shouldn't tell a business owner what to make or determine their own wages, but at the same time if a copmany's CEO who's earning 35 million per year cannot even provide benefits to his employees, that is gluttonous greed.
Click to expand...

Have you stopped to think that these employees are being paid all they are worth? If they had the skills to command more money they would go elsewhere.
 
  • Like
Reactions: 2 people
#261
#261
My take on raising the FMW is that we would again be taking care of people that made huge mistakes in their lives and refuse to take measures to correct those mistakes on their own.

Dropping out of school, not getting a GED, not getting vocational training, getting an education in something that only qualifies them to teach. Why should the general public be saddled with supporting those people at a level they desire but are not willing to work for?

Free enterprise means that you will be rewarded based on what you are worth. If you don't like what you are worth then change it. Simple as that.
 
  • Like
Reactions: 1 person
#262
#262
KentheOrange said:
Have you stopped to think that these employees are being paid all they are worth? If they had the skills to command more money they would go elsewhere.
Click to expand...

There are plenty of businesses that already pay employees more than the mandated minimum wage. Why is this? It's the labor market. Companies that need and want to keep skilled workers offer better compensation and it has nothing to do with the government setting standards. All minimum wage does is make certain jobs illegal.
 
#263
#263
KentheOrange said:
My take on raising the FMW is that we would again be taking care of people that made huge mistakes in their lives and refuse to take measures to correct those mistakes on their own.

Dropping out of school, not getting a GED, not getting vocational training, getting an education in something that only qualifies them to teach. Why should the general public be saddled with supporting those people at a level they desire but are not willing to work for?

Free enterprise means that you will be rewarded based on what you are worth. If you don't like what you are worth then change it. Simple as that.
Click to expand...

doesn't fit the socialist mantra. you are only getting paid $7 an hour because someone is screwing you
 
  • Like
Reactions: 2 people
#264
#264
Dems bring up the min wage every 4 years..... Again relying on the govt for your wages is a bad idea
 
Last edited:
  • Like
Reactions: 1 person
#268
#268
Minimum wage never produces advances for those who it is intended to help. It ALWAYS causes inflation in prices to compensate. And the inflation always hurts our seniors on fixed incomes with little opportunity for additional earnings.

But why would these politicians care about seniors? You can always neutralize that voting block with low education voters. That is the Democratic strategy.
 
  • Like
Reactions: 1 person
#269
#269
I'm not sure why people (not on this board) don't understand that if minimum wage is increased, that prices will go up. There are very few, if any, companies out there that will absorb that loss. They will protect their bottom line. And they should, because that's how good companies operate.
 
  • Like
Reactions: 3 people
#270
#270
GoBigOrangeUT said:
I'm not sure why people (not on this board) don't understand that if minimum wage is increased, that prices will go up. There are very few, if any, companies out there that will absorb that loss. They will protect their bottom line. And they should, because that's how good companies operate.
Click to expand...

Or prices go up, and people are laid off.

The cost is passed on. It just amazes me that people can not grasp this.
 
  • Like
Reactions: 1 person
#271
#271
GoBigOrangeUT said:
I'm not sure why people (not on this board) don't understand that if minimum wage is increased, that prices will go up. There are very few, if any, companies out there that will absorb that loss. They will protect their bottom line. And they should, because that's how good companies operate.
Click to expand...

It's because those being pandered too are too stupid to either understand or care.
 
#273
#273
GoBigOrangeUT said:
I'm not sure why people (not on this board) don't understand that if minimum wage is increased, that prices will go up. There are very few, if any, companies out there that will absorb that loss. They will protect their bottom line. And they should, because that's how good companies operate.
Click to expand...

I would argue that minimum wage has lagged behind inflation and executive pay has far exceeded inflation. Those on the low end of the wage scale are paid less than they were 50 years ago and pay more on inflation and pay higher interest rates. Those on the top end are the first to receive and benefit from low interest rates and they command salaries well above their peers from 50 years ago.
 
  • Like
Reactions: 4 people
#275
#275
Rasputin_Vol said:
I would argue that minimum wage has lagged behind inflation and executive pay has far exceeded inflation. Those on the low end of the wage scale are paid less than they were 50 years ago and pay more on inflation and pay higher interest rates. Those on the top end are the first to receive and benefit from low interest rates and they command salaries well above their peers from 50 years ago.
Click to expand...

What do you define as executive pay and why do you say its outpaced inflation?
 
New posts
You must log in or register to reply here.
Advertisement

Back
Top