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Raising the minimum wage always sounds good on paper. But it has long term consequences that actually hurt the people it seeks to help.
For example (unbiased thread as it does not affect me directly, just all of us indirectly)
For example (unbiased thread as it does not affect me directly, just all of us indirectly)
When minimum wage is force raised by the government, keep in mind the long term consequences, such as:
1) companies forced to fire employees
2)companies not able to hire more employees
3) lowering of global competitiveness
4) companies forced to outsource
(Continued)
1) companies forced to fire employees
2)companies not able to hire more employees
3) lowering of global competitiveness
4) companies forced to outsource
(Continued)
Usual consequences of gov forced higher min wage continued:
5) economy naturally adjusts to higher wages, so unskilled labor force stays in the same level (a catch22)
6) big company’s just adjust their product prices and don’t feel the hit, but ppl do. Especially in commodities
5) economy naturally adjusts to higher wages, so unskilled labor force stays in the same level (a catch22)
6) big company’s just adjust their product prices and don’t feel the hit, but ppl do. Especially in commodities
Min wage consequences continued:
7) some industries r totally lost to US (see forced outsource)
8) young kids often can’t get any job as they don’t have skills, & companies can’t afford risk to help get them
9) again: economy always adjusts... but now poorer don’t have jobs
7) some industries r totally lost to US (see forced outsource)
8) young kids often can’t get any job as they don’t have skills, & companies can’t afford risk to help get them
9) again: economy always adjusts... but now poorer don’t have jobs
Min wage consequences continued:
10) the very thing we are seeking to eliminate w/ minimum wage hike (poverty) is the very thing we are creating more of in long term when the gov forces a min wage hike.
Lots of moving parts (See above)
Better to enable power to the people
10) the very thing we are seeking to eliminate w/ minimum wage hike (poverty) is the very thing we are creating more of in long term when the gov forces a min wage hike.
Lots of moving parts (See above)
Better to enable power to the people
All a government does by forcing a minimum wage hike,
Is force an increase in COST of goods & commodities.
Everything ratchets up, but companies hire less Americans. Which means less jobs to pay for those higher
goods=more poverty
Bc companies can’t print money like gov can
Is force an increase in COST of goods & commodities.
Everything ratchets up, but companies hire less Americans. Which means less jobs to pay for those higher
goods=more povertyBc companies can’t print money like gov can
Probably we need to figure out how to keep our industry and jobs in the states. This means more jobs for many people, as well as less dependence on foreign powers that might not really like us...
We learned all about that in 2020.
Seems a win win.
(Hint: It’s not a wage hike)
We learned all about that in 2020.
Seems a win win.
(Hint: It’s not a wage hike)
If you still don’t see the reason (and concern for impoverished ppl) in this, look at 1 similar situation: the history of the American steel industry.
(In this case unions) force raised their way out of jobs. Union Fat cats won. Japan won.
Everyday American steel worker lost.
(In this case unions) force raised their way out of jobs. Union Fat cats won. Japan won.
Everyday American steel worker lost.
