Power of the Market - Minimum Wage

Milton Friedman looks at the effect of minimum wage laws. (17 of 30) http://www.LibertyPen.com

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[crazypants88]

@CitizenPlusPlus You realize assertions have to backed up by arguments.

The lines "Businesses have overwhelmingly more assets than necessary to hire every single person looking for work." and "Mom & Pop shops tend to pay more in the first place" are nothing but bare assertions.

This is the equivilant of me saying: you're wrong, I'm right and then me assuming I've won the debate.

[AlexNOSAM]

@CitizenPlusPlus You missed the point too. What they mean in the video is that the large corporations and unions support the increase of the minimum wage because it's so easy for them to pay a little more pennies - but for some small businesses even a thing like those pennies can result in great losses. They support it to force competitors out of their way.

[CitizenPlusPlus]

@AlexNOSAM Thats the absolute dumbest thing I have ever heard. Businesses have overwhelmingly more assets than necessary to hire every single person looking for work. Especially the largest Corporations that are most affected by minimum wage laws (Mom & Pop shops tend to pay more in the first place). Neo-liberal globalization instituted thru Reagonomics is sucking the jobs dry. Not safety-net capitalism. Democracy begins in the workplace! Employee owned factories!

[AlexNOSAM]

@buckyew2 That's not it! They mean that much less of these people can find jobs now thanks the the minimum wage because it's harder for new businesses even to get started not mentioning that the existing ones have to either sell their goods and services at a higher price or to employ less people.

If you really want to see the effect to to a restaurant yourself and ask some old employee for him to tell you how harder his job is becoming every year because bringing more people is so expensive.

[buckyew2]

This video is old and not accurate then or now. It said very little other than that restaurant type work takes can no longer hire the unskilled young people and immigrants. All one has to do is go to any restaurant and see that is not the case.

[johnsurs22]

@YoungTon22 amen

[YoungTon22]

@johnsurs22 now if only politicians debated like me and you just did maybe they could find common ground and come up with a simple solution. but its all fucked up.smh. i have no hope that they will get anything right

[johnsurs22]

@YoungTon22 I guess that makes sense. Of course we will probably never know what effect eliminating the minimum wage will actually have

[YoungTon22]

@johnsurs22 well im speaking from a point of only knowing the job market with a MW.MW creates a bottom line and a sort of protection.a couple of comments back i said that without MW i would be afraid to see what would happen to wages in an economy like ours today.what are desperate people willing to work for?

to solve some of the problem though,for low/no skill jobs i wouldnt be opposed to puting an age limit on MW requirements.let teens work odd/simple jobs for less.

[johnsurs22]

@YoungTon22 But how would that change with a minimum wage?