Minimum Wage Options

[*Steven*]

It's being raised, I think it's a dumb idea. What are your thoughts on the matter?

The minimum wage in Texas is 5.15$/hr. They're raising it to 7.25$/hr over the next 3 summers. I think that's kind of, unnecessary. For one, the majority of people making minimum wage are young high-school students etc. They don't stay making this wage for very long, and it's typically a starter job in which they make this money. By raising the minimum wage, no one (imo) benefits. The prices of goods go up because the employers are having to pay their employees more money and don't want to lose profit. Because of this, every day goods prices have gone up and people who don't benefit from the wage increase have to pay a larger sum of their salary/paycheck towards those every day goods. The people who are getting a higher wage (assuming they were working minimum) don't earn any more money in comparison to what they can buy. Sure the dollar amount is higher, but they have to spend more.

[illriginal]

It's being raised, I think it's a dumb idea. What are your thoughts on the matter?

The minimum wage in Texas is 5.15$/hr. They're raising it to 7.25$/hr over the next 3 summers. I think that's kind of, unnecessary. For one, the majority of people making minimum wage are young high-school students etc. They don't stay making this wage for very long, and it's typically a starter job in which they make this money. By raising the minimum wage, no one (imo) benefits. The prices of goods go up because the employers are having to pay their employees more money and don't want to lose profit. Because of this, every day goods prices have gone up and people who don't benefit from the wage increase have to pay a larger sum of their salary/paycheck towards those every day goods. The people who are getting a higher wage (assuming they were working minimum) don't earn any more money in comparison to what they can buy. Sure the dollar amount is higher, but they have to spend more.

Is this your personal opinion? I think you're missing the bigger picture of things. It seems like this is more personal than it is general. But please enlighten me

[*Steven*]

Is this your personal opinion? I think you're missing the bigger picture of things. It seems like this is more personal than it is general. But please enlighten me

Yes it is my personal opinion, hence the "I think" portion of the post.
What exactly are you arguing? I've posted my opinion plenty in this thread, and would like to ask what you in fact are trying to argue.

This is all the time I have for, but per your question...

Using your statistics and your logic, with respect to the rising cost of living, that "considerable minority" group will not be able to buy anything if their pay does not adjust to the steady increasing cost of living. Consequently, businesses will lose that "considerable minority" group as consumers because they are unable to afford anymore than dollar store goods, fast food services, and the cheapest produce. All in all, a bad thing for the economy seeing how there is a "considerable" amount of people in that group.

The cost to run the business will rise, no argument there, but it rises along with many other factors. More importantly, how can you run a business when you're losing customers becaue they can't afford your products/services?

Err I think I'm misunderstanding what you're trying to say. Are you saying that if the minority can't afford to live off that wage it hurts the economy as a whole?

One of my biggest issues w/ raising minimum wage is that it's more aimed at a small group of people(in my opinion), as most people don't stay near making minimum wage for very long at all. Minimum wage, in my opinion, is something you make at your first jobs, when you're in high school or college, and are looking more for some money to pay back loans as you go or spending money. If I (with only a high school degree at the moment) can get a job starting at 1.35$/hr over minimum wage, as my first job with no prior experience, I don't see why others can't. I have a job now paying 2.85$/hr above and I've only completed a year of college (and I've had this job sine before college).

[Spirited Away]

Yes it is my personal opinion, hence the "I think" portion of the post.
What exactly are you arguing? I've posted my opinion plenty in this thread, and would like to ask what you in fact are trying to argue.
Err I think I'm misunderstanding what you're trying to say. Are you saying that if the minority can't afford to live off that wage it hurts the economy as a whole?

One of my biggest issues w/ raising minimum wage is that it's more aimed at a small group of people(in my opinion), as most people don't stay near making minimum wage for very long at all. Minimum wage, in my opinion, is something you make at your first jobs, when you're in high school or college, and are looking more for some money to pay back loans as you go or spending money. If I (with only a high school degree at the moment) can get a job starting at 1.35$/hr over minimum wage, as my first job with no prior experience, I don't see why others can't. I have a job now paying 2.85$/hr above and I've only completed a year of college (and I've had this job sine before college).

Because of exploitation. Believe me, without minimum wage, plenty of people would be making $1/hr; that's what sets us apart from a number of other countries. With minimum wage there are still a "considerable" number of people who still make minimum wage.

The reason is simple and I cannot take credit for this because I heard it in my econ class a couple of years ago. Our society isn't fully productive. Minimum wage is targeted towards the least productive people in our society. In other words, "minimum productivity" gives you "minimum wage". This low productive group consists of high schools students, drop outs... the likes.

Sure you can find a job with higher pay that the minimum, but remember that not everyone is as productive. Each job requires different skills and more than likely, if you're being paid minimum wage, your job doesn't take as much effort as higher paying jobs.

As to my previous post, I'm saying that if minimum wage does not keep up with rising cost of living, then that will hurt the economy as a whole... equilibrium would be off.