The Minimum wage argument & SchiffForSenate.com

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[crazypants88]

@g1attie It's hilarious how your comment is (conciously or not) a parody of itself.

You bash someone's communication skills while only making two short statements and you bash his argumentation while not making any arguments against either how his argument is wrong or that MW is valid.

[g1attie]

1. your communication skills are average (at best).

2. argumentative skills average (at best)!



[regelemihai]

...the worker, anymore than artificially changing the numbers on a thermostat change the outside temperature.

[regelemihai]

"Let's say 5 people wants a job at mcdonald's"

Correct, let's say that's the case. With minimum wage laws that forces employers not to hire them, or to hire one instead of 3. Without them in place, McDonalds wouldn't just be hiring the one person out of the bunch, it would be able to afford to employ more workers. Minimum wage is price fixing, in essence. The skill and value of labor are determined by supply and demand. Simly affixing an artificial price doesn't lower or raise the value of...

[MrNobrat]

Businesses make sensible cost savings = the fault of the minimum wage?

[aseacucumber07]

@jwc160 Think about it in terms of supply- McDonald's DOES require relative skill to work at, but it's skill just about anyone can learn. Being an engineer, however, requires skills that are extremely difficult to learn. If you're no good at math, no can do. Also, higher wages come from higher labor productivity, but productivity doesn't stem solely from labor. E.g., the McDonald's I live by has a machine automating the drink pouring process- more productivity overall, but less from labor.

[TWSceptic]

@jwc160 "And don't tell me that it is because they have a low skill job."

Well that's still it. If they would have more skill, they would do something else. There's really little to argue about. If they learn something that requires more skill, they likely will earn more.

[joechien0218]

@jwc160

How difficult is it learn to make fries as compared to performing heart surgeries or design integrated circuits?

The "productivity" Schiff is referring to is the value of your skill and your knowledge and that's reflected in your salary.

[joseney21]

this didnt make all the sense he thought it would

[jwc160]

Peter is a genius, but I don't necessarliy agree with everything he says. "Higher wages come from higher productivity". Then why do people at McDonalds make so little? They produce a lot. And don't tell me that it is because they have a low skill job. Their jobs require more skills than many professions. And just because they have the freedom to compete for a higher paying job doesn't discredit my point either.