Shouldn't the minimum wage be abolished?

[Anarchist420]

What purpose does it serve? Here's several reasons why it sucks ass:

For just starting businesses, it takes money to acquire capital. What they could do, if the minimum wage were abolished, is start out paying low, so they can acquire capital, then raise wages, possibly beyond minimum wage, the more capital they acquire. It halts/prevents the growth of small business like those of kids who want to start their own business in an inner-city neigborhood, for example. It's basically corporate welfare. Only the big corporations can afford it 100% of the time.

For people who just want work experience, (like me) and are willing to stock shelves at EB for $4/hr instead of the required $7 or 8, they have to waste money and they have no more incentive to hire me than someone who wants the minimum wage.

Not all work is worth the minimum wage. It takes away the value from work. There should be a range of work to grade from 0 to oo, not from $8 to oo.

I'm sorry, but the idiots who were letting themselves getting taken advantage of by Rockefeller and Carnegie in the Gilded Age, could've collectively left, and worked somewhere else, maybe one abused worker could've started up a business for the rest of their fellow abused coworkers, then Carnegie and Rockefeller would've gone out of business or had to do the work themselves.

 

[StageLeft]

I'm sorry, but the idiots who were letting themselves getting taken advantage of by Rockefeller and Carnegie in the Gilded Age, could've collectively left, and worked somewhere else, maybe one abused worker could've started up a business for the rest of their fellow abused coworkers, then Carnegie and Rockefeller would've gone out of business or had to do the work themselves.

Gotta spend money to make money. Shoulda, coulda simply doesn't work in reality. Every country in history, the lesser the economic laws are (to an extent), the more disparate the wage gap is. Go to any African nation, for example, most people are living in varying states of squalor and yet there remain a scant few who (probably through corruption) are quite well off.

Anyway, minimum wage is mainly used by old folk killing time because their retirement savings were a joke and kids using the money for movie tickets anyway; few actually live on them.

 

[nonlnear]

For just starting businesses, it takes money to acquire capital. What they could do, if the minimum wage were abolished, is start out paying low, so they can acquire capital, then raise wages, possibly beyond minimum wage, the more capital they acquire.

This is pure fail. I didn't know so many absurd notions about business could be squeezed into two sentences without being self parody.

First, if a wage difference is the only tool available to a starting business, it does not affect their ability to finance startup capital at all. Reducing wages does not give the business owner money in their pocket initially, but rather a small stream of future payments. The only way this could be converted into capital is by financing. Now let's examine the credit worthiness of such a business...

You claim that this business could raise wages once the capital loan is paid off (let's disregard the other obvious fail that most such businesses don't ever "pay it off". One off capital investments tend to be leased, or if they are bought outright it tends to eb because the capital requires regular replacement.) If that were true, that means that the business will be profitable at the higher wage rate. For such a business, all that is needed to allow it to startup is a liquid capital market, not reduced wages. After all, who wouldn't want to finance capital for a profitable business.

The only way the revenue stream generated by reduced wages would significantly affect the financing picture is if those wages were not projected to rise. If wages were actually projected to rise, that

Second, if the business owner could staff their operation at a low wage, why would they raise wages just because they paid off their capital loans? This is bizarre. A post about minimum wages is a strange time to ignore the functioning of labor markets!

The case you described initially is not in fact an example of a business that needs to be able to pay a lower wage. If you are going to argue that a minimum wage hurts business by putting a minimum on the amount of productivity that one is allowed to pay for labor, then you need to present an example of a business whose labor truly exhibits such a low level of productivity.

Anarchist 420, it seems like your arguments are concocted to intentionally present the least coherent, most naive perspective possible. Either that or you simply don't have a clue what you are talking about. There are intelligent people who hold opinions that vaguely resemble the ideas you post, but you are not such a person. If you want to argue against a minimum wage, you need to present an example of a business that actually requires lower wages to function.

 

[Colt45]

<facepalm.jpg>

 

[Tristicus]

I literally facepalmed when I saw the thread title then the name under it.

 

[KMFJD]

 

[Blackjack200]

I'm sorry, but the idiots who were letting themselves getting taken advantage of by Rockefeller and Carnegie in the Gilded Age, could've collectively left, and worked somewhere else, maybe one abused worker could've started up a business for the rest of their fellow abused coworkers, then Carnegie and Rockefeller would've gone out of business or had to do the work themselves.

ESAD.

I'll bet that every single one of those "idiots" was smarter, more talented, and more industrius than you. You would've been eaten alive in early 20th century America.

 

[Sheik Yerbouti]

See sig for the depth of the op's mentality. Once I see it's name attached to a post, I know it's just another steaming pile of dog puke

 

[zsdersw]

How about this for a new thread/poll:

Should Anarchist420 STFU until he learns something?

I have a feeling it would be >95&#37; "Yes!".

 

[CPA]

While Anarchist420 may not be stable, I do believe that the minimum wage should be abolished. But that's just my free-market side speaking.

 

[Hacp]

Minimum wage should be abolished because it kills competition. If I want my neighbors job, I can't offer to work for less if my neighbor makes minimum wage.

 

[Schadenfroh]

Federal level? Yes
State level? No

 

[IceBergSLiM]

Shouldn't the <insert law here> be abolished?

What purpose does it serve? Here's several reasons why it sucks ass:

1)

2)

3)

 

[umbrella39]

Repost of a repost of a repost. I will give you this OP your version does have some extra crazy thrown in for posterity's sake.

 

[OutHouse]

I'm sorry, but the idiots who were letting themselves getting taken advantage of by Rockefeller and Carnegie in the Gilded Age, could've collectively left, and worked somewhere else, maybe one abused worker could've started up a business for the rest of their fellow abused coworkers, then Carnegie and Rockefeller would've gone out of business or had to do the work themselves.

lol this is a joke right?

 

[dmcowen674]

Shouldn't the minimum wage be abolished?

Absolutely we need to be at 8 cents an hr like China to be able to compete.

 

[DesiPower]

Ya, those poor illegal immigrants dont get it anyways, why should hard working citizens get it. Its a retarded idea that discriminates illegal immigrants. Most of them are Hispanics so its racist too. Americans should be ashamed of such bigotry. Its should be done with right now.

 

[WHAMPOM]

Minimum wage should be abolished because it kills competition. If I want my neighbors job, I can't offer to work for less if my neighbor makes minimum wage.

Hell bent to race to the bottom Mr. H, well you can just do it off the books like the illegal immigrants do. What's stopping you from a dollar an hour job right now?

 

[JSt0rm]

how much is it? 5.50 or some shit? If you cant pay people 5.50 a hour and run a business you fail at business.

 

[Siddhartha]

Should the laws protecting the environment be abolished? We buy from China whose economy is benefitting from not having these laws?

Should the US abolish food protection regulations after all look at China..

 

[WHAMPOM]

What purpose does it serve? Here's several reasons why it sucks ass:

For just starting businesses, it takes money to acquire capital. What they could do, if the minimum wage were abolished, is start out paying low, so they can acquire capital, then raise wages, possibly beyond minimum wage, the more capital they acquire. It halts/prevents the growth of small business like those of kids who want to start their own business in an inner-city neigborhood, for example. It's basically corporate welfare. Only the big corporations can afford it 100% of the time.

For people who just want work experience, (like me) and are willing to stock shelves at EB for $4/hr instead of the required $7 or 8, they have to waste money and they have no more incentive to hire me than someone who wants the minimum wage.

Not all work is worth the minimum wage. It takes away the value from work. There should be a range of work to grade from 0 to oo, not from $8 to oo.

I'm sorry, but the idiots who were letting themselves getting taken advantage of by Rockefeller and Carnegie in the Gilded Age, could've collectively left, and worked somewhere else, maybe one abused worker could've started up a business for the rest of their fellow abused coworkers, then Carnegie and Rockefeller would've gone out of business or had to do the work themselves.

Oh I get it now! Your so worthless that no one will hire you at minimun wage and want to lower that hurdle so your level. $0.01 about right?

 

[Blackjack200]

Hell bent to race to the bottom Mr. H, well you can just do it off the books like the illegal immigrants do. What's stopping you from a dollar an hour job right now?

No taxes that way, and the employer certainly won't be worrying about regulations. That's two other things conservatives love to scream about.

 

[3chordcharlie]

What an original topic!

Oh, and Op: You're wrong, as usual.