Minimum Wage, Maximum Stupidity - Peter Schiff
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Uploaded by ViewpointLibertarian on Jun 30, 2011
Although the minimum wage may have good intentions (and sometimes it doesn't), its consequences are very bad.
http://www.europac.net/commentaries/minimum_wage_maximum_stupidity
Tags: minimum wage, living wage, Peter Schiff, unemployment, unemployed
- 156 likes, 8 dislikes
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@jeffsandychelsea So you admit that it was a bad estimtion...but Im the fool?! Right.
HedgehogRebellion 2 weeks ago
@HedgehogRebellion Sweet b'jezus calm down. Your reaction to my bad estimation shows that you would want the minimum wage to be even higher than $12, probably more like $20. That is completely ridiculous and would certainly, without a shadow of a doubt, lead to massive unemployment. You're a fool. Goodbye.
jeffsandychelsea 2 weeks ago
@jeffsandychelsea 12 bucks an hour is a living wage?!
OK...first off its actually 10/hour after taxes...so at 40 hours a week thats $1600
RENT 1600-800
Car Insurance 800-100
Gas-700-150 at best
Food 550 - 300
Utilities 250 - 100
Car repairs clothes, toothpaste...good luck.
How do fuck do you live off 12 an hour? Are you on crack?! No...are you!?
HedgehogRebellion 2 weeks ago
@HedgehogRebellion The people whose wages are already a living wage will be unaffected. Many people might get small raises if their wages are very close to a living wage, but many more people would be fired, since keeping them at a living wage would cause the employer to lose money. Then those who are initially fired would have a much harder time getting a new job because they have no experience. The gains are nearly nothing and the losses are huge.
jeffsandychelsea 2 weeks ago
@jeffsandychelsea By your logic the 50's to mid-90's never should have happened. How was it they all got a living wage? Actually the economy was better when most people could have afforded their own home.
People may initially lose their jobs, but the working people will make more...so they will spend more...which stimulates growth...which created jobs. What dont you understand?
HedgehogRebellion 2 weeks ago
@HedgehogRebellion Sure, the entry level worker would be able to go see movies under your proposal. But that means that everyone whose labor is worth less than that is UNEMPLOYED. A "living wage" is probably around $12 an hour, a large increase from the minimum wage in most areas. Many, MANY people would lose their jobs if that were the minimum wage. You can't raise the minimum wage without causing unemployment; it's simply not possible.
jeffsandychelsea 2 weeks ago
@jeffsandychelsea I dont think it would cause massive unemployment...just the opposite if you will listen to my argument for a moment: When people only make enough for the bare neccesities they cannot afford to go out for dinner, or to the movies, or go on vacations...so those sectors of the economy that provide non-essential services lag or go under.There go their jobs. We all know how much CEOs make these days. Their business would survive if their employees made more.
HedgehogRebellion 2 weeks ago
@HedgehogRebellion What do you mean it won't take them anywhere? Many businesses would certainly hire a worker with actual job experience before a completely fresh candidate. Why don't we just raise minimum wage high enough to support an individual? Oh right, because it would cause MASSIVE UNEMPLOYMENT.
jeffsandychelsea 2 weeks ago
These arguments dont was with me. First, what is the point of having a job if it does not allow you to live. Second, in todays work structure there are fewer rungs than we had before Peter Drucker fucked up Western civilization by introducing downsizing...so whats the difference if they get experince...it wont take them anywhere. Sorry Pete, slavery ended 150 years ago.
HedgehogRebellion 2 weeks ago
@skilo1983 That's true, we don't really own our real property in America anymore. The government allows us to use it if we pay our taxes on it, otherwise they evict us like the tenants we are.
Your communist pipe dream has been materializing incrementally for the past 100 years in America. Each plank of Marx's manifesto is at least partly in place. Some of us prefer freedom.
BRYAN351 2 months ago