Does the minimum wage hurt workers

A video response to Does The Minimum Wage Hurt Workers? by Learnliberty.org

http://y2u.be/Ct1Moeaa-W8

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[Muwt]

I'm happy to leave this comment standing on merits along with the light it sheds on your other comments.

[Muwt]

What "unsupported idea" am I using?

No, I wouldn't say that's good support for anything. I doubt the statistic but, even on its face, it's well within the statistical noise you'd expect in a sample the size of the US labour force. Meta-studies of aggregate employment (ie actual data, not models) show a neutral or slight positive effect.

[Muwt]

Insofar as this makes sense at all, I don't see what's "funny" about it or how it contradicts my comment.

[jrhirsch1]

When the top tenth of one percent, one person out of a thousand, takes 12% of all U.S. income, tell me who is the one stealing from others?

[jrhirsch1]

From 1950 to 1968 the minimum wage increased in real dollars from $7 to $10. During that period unemployment fluctuated from 5% in 1950 to 7% in 1958 and back down to under 4% in 1968. According to your argument against the minimum wage, unemployment should have risen as the minimum wage was raised. Why didn't it?

[Eric K]

Now let's look at one of the many unintended consequences you probably overlooked. When minimum wage is increased how often do you see other people not at minimum wage get an increase at the same time? I have never seen that happen. If prices were increased due to higher wages then those that were making more than minimum wage are now spending more, yet aren't making more. Min wage see no gain, and those making more have essentially lost money as a result. The subtleties of economics is complex

[Eric K]

Actually it does not suggest a "good effect", just the opposite. When you interfere with the choice of employers and potential employees you are restricting a freedom of choice. When you implement minimum wage either the business generally has 2 choices, fire people, or raise prices. I they choose the latter, does that improve the people's state of living? Remember this is across the board, if several businesses decide to raise prices, did the people who get that raise really gain?

[Eric K]

Which is funny because who created the Housing bubble? It wasn't George W Bush, no that was his predecessor, and a Bi-Partisan bill called the Glass-Steagal-Graham-Bliley Act, which enabled the "Affordable Housing Act" (Created by a Democrat Majority by the Carter Administration). The economy was strong, and any economist knew it wouldn't last because it was artificially created by government policy, and prolonged by the Federal Reserve by keeping interest rates artificially low.

[Eric K]

Yet you use an unsupported idea that a minimum wage somehow does what? Clearly it doesn't increase employment, about 50,000 jobs were lost when the first "minimum wage" was implemented here in the united States. I'd say that's a pretty good support.

[Eric K]

Even the Russians call Obama Communist. Obama isn't just a socialist, he is a communist, and he is absolutely promoting the Communist Manifesto. Krugman did advocate a housing bubble, he also promoted the Government buying up failing businesses and keeping the wealthy, wealthy rather than allowing them to fail.