Real World Effects Of Minimum Wage

[Exterous]

The minimum wage doesn't work and is racist against black people

Really? Where did you get that idea from?

The percentage of workers earning the minimum wage did not vary much across the major race and ethnicity groups.

http://www.bls.gov/cps/minwage2010.htm#2

 

[Atreus21]

And if your labor is not valued at 7.25hr what is the alternative? Oh yeah unemployment.

Better to be unemployed than to work at a price we consider offensive.

 

[Moonbeam]

Some live in a world governed by math. If the cost of an employee is worth more than the added revenue, why would anyone hire that employee? Increasing the minimum wage alters the equilibrium of this equation by requiring larger returns per employee to justify employment. I can prove this on an abacus.

edit: The equation is simply this:
N*W<=\sum_{i=1}^N{R_i}
where N is the total number of employees, R_i is the revenue generated by employee i, and W is the wage paid to each employee. On a per employee basis, we could simply write
W_i<=R_i
If this inequality is not satisfied, then no rational person would ever hire this employee.

Rubbish! Need is the other of invention. All the government has to do is increase business men's needs. That way, inventors and inspired visionaries will find a way to create different equations via different balance sheets.

It's just the same with taxing the greedy. It makes them work harder because that's how greed is, inversely proportional to its satisfaction. Now there's some math you can really use. Naturally, you have to be careful not to tap the cows for more milk than any cow can produce. You have to balance productivity of the best over against the damage some of the less successful greedy may attempt to extract from society if they crack under the strain of their own greed. But competition is always a good thing. The best and the brightest will come through no matter how high the bar is set. Folk who are worthless, of course, will want the bar set very low.

 

[Texashiker]

lol attack the messenger? i have not worked for min wage since i was 16 and worked for mcdonalds in the mid 80's for $5.35.

Dont you mean $3.35 an hour?

If you were making $5.35 in the mid 1980s as a teenager, you were doing good.

1984 - 1986 I was making $3.35 working as a grocery store bagger.

And if your labor is not valued at 7.25hr what is the alternative? Oh yeah unemployment.

A welding company I worked for in 1986 - 1987, the owner would fire certified welders for asking for a day off.

 

[1prophet]

Using walmart as an example


Each Walmart store has a budget for employees that the manager of the store has to adhere to while meeting Walmarts goals per month.

The general manager of the store can hire many minimum wage or a few highly paid staff or anything in between.

A good manager will hire the right balance of employees wage wise resulting in few minimum wage types while meeting (honest)productivity goals