Yes we should, it would put more money into worker's pocket, in turn, increasing economic growth.
No we shouldn't, this would create a strain for employers resulting in the laying off of employees.
A minimum wage is the minimum employers can pay someone. Based on the area, all minimum wages must be enough for one to meet tax and be able to happily afford food, not just $1 fast food that will kill him, an apartment that he can uphold himself, and so on. The inflation of all things items, college, housing, etc rises far faster than the minimum wage does. If you can not live alone off minimum wage, you it should be raised.
Only problem is, if the minimum wage were to be raised, then the prices of almost everything else will skyrocket, leaving the middle class into a hole and those working minimum wage in the same position as before or possibly jobless.
If you can raise the minimum wage while you decrease corporate taxes, than businesses wouldn't have to cut jobs.
Workers wages have stagnated since the 1980s. An average worker today makes about as much as one did in the 1980s. How else are we supposed to raise the purchasing power of the average citizenry.
This is one of many topics which I believe should be left up to the individual states to decide.
Evidence of job losses have been found since the earliest imposition of the minimum wage The first 25-cent minimum wage in 1938 resulted in significant job losses. Minimum wage increases recently imposed in American Samoa resulted in economic effects so pronounced that President Obama signed into law a bill postponing them. A 2006 review of more than 100 minimum wage studies by David Neumark and William Wascher found that about two-thirds found negative employment effects. In 2010, Joseph Sabia and Richard Burkhauser estimated: “nearly 1.3 million jobs will be lost if the federal minimum wage is increased to $9.50 per hour.” It Would Hurt Low-Skilled Workers Evidence shows minimum wage increases dis proportionally hurt the people they’re supposed to help The 2006 Neumark and Wascher review found the literature “as largely solidifying the conventional view that minimum wages reduce employment among low-skilled workers.” A 2012 analysis of the New York State minimum wage increase from $5.15 to $6.75 per hour found a “20.2 to 21.8 percent reduction in the employment of younger less-educated individuals.” A 2010 analysis by Michael J. Hicks found: “the latest round of minimum wage increases” account “for roughly 550,000 fewer part-time jobs,” including “roughly 310,000 fewer teenagers working part-time.” It Would Have Little Effect On Reducing Poverty Evidence suggests that minimum wage increases don’t reduce poverty In the previous federal minimum wage increase from $5.15 to $7.25, only 15 percent of the workers who were expected to gain from it lived in poor households, according to a 2012 review by Mark Wilson. If the minimum were today raised to $9.50, only 11 percent of workers who would gain live in poor households. The 2012 Wilson review noted: “Since 1995, eight studies have examined the income and poverty effects of minimum wage increases, and all but one have found that past minimum wage hikes had no effect on poverty.” The 2012 Wilson review noted: “One recent academic study found that both state and federal minimum wage increases between 2003 and 2007 had no effect on state poverty rates.” It May Result In Higher Prices For Consumers The costs of minimum wage increases must be paid by someone The 2012 Wilson review noted: A 2004 “review of more than 20 minimum wage studies looking at price effects found that a 10 percent increase in the U.S. minimum wage raises food prices by up to 4 percent.” A 2007 study from the Federal Reserve Bank of Chicago found that restaurant prices increase in response to minimum wage increases.
No. Employers should be able to say how much they are willing to pay an employee. The employee should then either be happy with what they got or...idk, do something to improve their situation so they can get paid more.
Nope, tax dollars are already used to fund too many things.
It is inherently collectivist to implement a minimum wage. Labor is a commodity, like any other. If you implement price controls that lower the price for consumers, you see shortages because demand is not being countered by price increases. You are artificially increasing a value, which makes the free-market sick (read Wealth of Nations by Adam Smith). If the real wage (the one decided upon by individual bargaining between employees and employers) for a certain position is $5.00/hour (meaning employees are willingly taking jobs for this price) and the government raises it to $7.50/hour (a 50% increase), there are shortages (people are laid off) and amount of money flowing to employees is the same (more per unit, but less units). The next step is that instead of laying off 25% of the workers (50% of the 50% increase), they might lay off 10%, passing the additional 15% cost increase onto consumers. This means that many people are losing jobs and many people are paying more for products. But wait, this company sells milk, so the price increase only effects customers who don't notice the price increase! The customers that do notice the price increase buy a different brand. Now the revenue is cut by 30%! The company sees this and finds that it needs to cut corners again. It lowers prices to mid-way between the original price and the high price. In order to keep this up, it needs to lay off more employees. After laying off another 2.5% of the employee workforce (50% of 50% of 10%), the company is doing fine, but it's a long road to recovery from here: the investors witnessed this whole scene and divested en masse.
No, it would result in companies laying off more employees due to the increased amount they would be forced to pay them. The MW shouldn't even exist at all.
If the minimum wage is raised, everything will become more expensive, everyone will want to raise the minimum wage again and we'll reach the point of inflation faster.
If minimum wage was abolished, and if companies decided to swoop to the lowest level ($0.50 USD/hour or something crazy) then consumer levels would decrease (because they couldn't afford anything), which in turn would make corporations have to lower their prices. And eventually the market would stabalize.
I've explained this far too many times... Look to the forums or my debates on this topic, or look below at the comments in my response to Taj. As a quick summation: It wouldn't help who it aims to (impoverished), it'd increase unemployment, and it'd harm economic growth.