The Effects of Raising Minimum Wage

Employees getting their hours cut...Check
Employees getting their benefits eliminated...Check
Employees losing their jobs all together...Check
Adding more people to the government dependency list...Check

https://www.foxnews.com/politics/2013/12/30/highest-in-nation-15-minimum-wage-stirs-concern-from-local-businesses/

I am so shocked you cited a Fox opinion piece. 

Did you read the piece, check for independent supportive stats, counter-check those with other sources, or were you too busy drooling in front of the TV when you saw Fox.

Perhaps one of your New Years resolutions is to become well versed in various news sources.

 

Like the NYTimes..that sacrifices it's credibility to cover for Obama...    ..

For someone who likes to proclaim themselves as not part of the partisan gang, you come across pretty "right." Realistically, there are enough posters who proclaim all right wing Republican ideas good and all others bad. Maybe you have a post that doesn't exemplify that. Please link if you do.

But I'll show you and the others how its done. Watch and learn. Teach your kids.

The problem with the argument about raising the minimum wage is that, statistically, it doesn't really solve the problem of making ends meet. The rate of increasing of wages has not risen exponentially with the cost of living in so many years that slight increases now don't account for meeting ends. See https://www.cbo.gov/publication/22010

So it becomes lip service by politicians designed to make certain groups feel that they are supporting the poor worker more than they really are.

But the argument that a wage increase so damages business like that raised by the OP is false too. See https://www.cepr.net/index.php/publications/reports/why-does-the-minimum-wage-have-no-discernible-effect-on-employment

https://docs.google.com/viewer?url=https://www.epi.org/page/-/pdf/bp251.pdf&hl=en_US&chrome=true

Most analysts will tell you that the more effective way to help the minimum wage earner is with tax incentives that provide relief for expenses they would incur anyway, which will allow for more money in each paycheck and does not create an artificial business environment.

susprised to see cano making a thread in favor of raising the minimum wage since he understands, as we all do, that anything even remotely characterized as a foxnewsdisease opinion piece is going to be the opposite of the truth, if it's coherent at all. 

The article listed specific people, the companies, and the effects that raising the minimum wage will have.

The Daily Kos, The Daily Worker, or whatever the hell else you libs read will never run an article like that, so I am forced to use FOX News.

mods, please edit out the last 8 words of post #7, for the poster's sake . . . for everyone's sake. 

One final thing, I made no comment as to the pro or con of raising the minimum wage or did I say anything to agree with the OP.  Thanks for showing me how its done.  Happy New Year.

i don't really have an opinion about minimum wage either.   i don't understand all of the ramifications.  i just didn't want to miss an opportunity to mess with cano.  i know he wouldn't want me to.

but i have seen charts, articles and such things talking about how corporate profits are at an all time high yet wages are at an all time low.  and, wages have not changed in many years as adjusted for inflation.  if true, that seems to suggest the game is rigged and the poor and middle class are getting the short end.  we know our system doesn't even resemble the free market capitalism we learned in school that should have been taught in mythology class rather than history or economics.

but i'm not expert on this.  i'll defer to dj and the opposite of whatever foxnews says. 

The minimum wage is a destructive policy that preys on the very people is designed to protect  e.i.the unskilled and uneducated...

Milton Friedman’s definition of the minimum wage is a law that essentially, makes it illegal to hire someone whose work is valued at less than a determined amount.

In fact 79% of all economists agree that a minimum wage hurts more than it helps. (Mankiw, 2009) https://gregmankiw.blogspot.com/2009/02/news-flash-economists-agree.html  Mankiw professor and chairman of the economics department at Harvard University...

The government should not get involved..only American style free market can determine what wages should be.  What we really need to do is abolish the minimum wage altogether and let employers pay their employees what they are really worth...the results could lead to less people being unemployed...and higher wages ....  Employers have an incentive to pay a competitive wage to get the best workers possible that can generate the most profit..

Automatically raising workers pay to $15 an hour will only end up getting the less skilled and the less-educated fired and more skilled and educated workers hired ...

I would be curious to see which employers / jobs hire for minimum wage-
Then- look at margins these companies work with...
Raising the minimum wage for their least qualified employees will cut into their margins- meaning fewer poorly qualified employees still making a meager wage-
Doesn't sound like the answer....

I would think rather than raising an artificial floor- perhaps more programs designed to make these lower level employees qualified for better paying jobs would be a better solution-

Of course, that assumes that said employees would take advantage of such programs-

if record corporate profits are at an all time high and wages are at an all time low, doesn't that suggest that some significant percentage of those profits come from cutting costs, i.e. employees?  and if consumer spending is the biggest segment of our economy, won;t this bite us in the behind at some point?

I'm assuming every year the charts and articles you are looking at say the same thing every year...

Corporate Profits at an All Time High

All Time High

People who think corporations are making record profits, or Bond fans, this is for your listening (and viewing) pleasure.

https://www.youtube.com/watch?v=bFurkDf6WXg

i think this is where i originally saw it.

https://www.businessinsider.com/profits-at-high-wages-at-low-2013-4

that youtube song is a more convincing counterargument that something you might have posted from foxnews though.

Excellent thread...

Kudos to dj... tax incentives is a very good idea verses raising the minimum wage, really had not thought of it that way, but good idea... I am not for raising the minimum wage but do believe there should be a way to help those that make the least...

I am normally a "if they want more money, then get an education" type guy... But as I get old I am more and more understanding that some people are just not brain-wise wired for higher education... They are not stupid or mentally challenged technically, just not the ones who will never be in charge or making innovative changes...


And Kudos to SarasotaSlim #12 ...

I'm gonna let Pat Buchanan end this argument 

How does the small business cope with liberals that want to punish profitability?

How does the small business survive with increase in labor costs with no increase in value for that expenditure?

If raising min wage to 15 per hour is good then why wouldn't a raise to 20 per hour be better? 50? 100?

i'm not interested in getting into all that and i'm not arguing for an increased minimum wage.  i am curious about those questions i asked if anyone has some greater economics knowledge. 

to ask it another way, assuming wages have been mostly stagnant over the years, adjusted for inflation, and consumer spending is the biggest factor that drives our economy, isn't that a serious conflict that will seriously impair the economy at some point?

Djbrow is right on several points.  First, tax credits are better in helping the poor than unfairly imposing burden on some industries instead of everyone. 

Secondly, raising minimum wage isn't all bad if companies can overcome by becoming more cost efficient or producing more revenue.  Higher costs doesn't always reduce employment.

Equality of opportunity does not guarantee equality of outcome....

 

Most analysts that say that the more effective way to help the minimum wage earner is with tax incentives...those analyst have to be rainbow and unicorn anal-ysts...because you cant put more money into the pay checks of people that don't pay income tax in the first place,,

This is just another liberal redistributed of wealth scheme,,and what we don't need is another government entitlement program ..