Should minimum wage be lowered?

Discussion in 'Economics' started by peilthetraveler, Mar 14, 2010.

  1. What are your thoughts on this...before you answer...lets look at what minimum wage buys...

    In 1949 if you worked for min. wage over the summer by the end of it you would have enough money to buy a smith corona typewriter, 35mm camera, am-fm radio, and a 3-speed phonograph.

    In 2009, working for min wage over the summer is enough to buy you a Dell laptop computer with color ink printer, scanner, copier, a cannon 8 megapixal digital camera, a portable GPS system, 32 inch LCD HDTV television, 8GB Ipod, microwave, refrigerator/freezer, dvd/vcr combo, RCA home theater system, cordless phone, am-fm radio, camcorder, and playstation 2 and about 7 other things.

    And people complain that minimum wage isnt enough?

    60% of the world will never make enough money to buy what an american making minimum wage can buy over 1 summer. I think we should let the markets be free. Minimum wage jobs are not meant to be careers...they are meant to be temporary jobs while you are looking for your real job. If minimum wage was done with, you can bet that there would be plenty of jobs for all the unemployed people while they look for other work.
  2. Well you have to take into account the standard of living. Back in 1949, no one, no matter how rich, would have been able to purchase a Dell laptop. As technology improves, each dollar can buy more, but that doesn't mater someone necessarily happier. The huge debts that people have today probably makes them unhappier than back when the standard of living was lower.

    Another way to truly compare minimum wage is how much it paid for the rent. Real estate is a constant expense and keeps up with inflation.
  3. This is an interesting way to look at the purchasing power of someone who earns minimum wage - do you happen to have a link for this comparison?
  4. don't compare to useless stuff

    compare to necessities
    how many days I can rent for minimum wage?
    how many haircuts?
    doctor visits?

    give me this info comparing to 1949 then we can discuss if minimum wage should be lowered
  5. dozu888


    artificial limits always work against corporate america's competitiveness.

    I say get rid of the minimum, let's have a race to the bottom.
  6. what if we gave any American the equivalent of 52 weeks x 40 hours x $5.00 per hour in one lump sum and said...daytrade...who could really make it?
  7. TGregg


    If the minimum wage is a good idea, isn't it an even better one to raise it? And if raising it is a good idea, isn't it an even better one to raise it by a lot? Shit, let's make it $250 an hour - then we'll all be rich, Rich, RICH! Wooo hoo!

    NOTE: For the economically challenged liberals, this is sarcasm. Thanks for tuning in.
  8. economically there is an argument to increase employment. it is something i was considering but i thought it would be better to reduce the costs of employment in other ways for example national insurance or social security. there are other things too for example certain taxes could be reduced to induce employment. this is what you really want to do.

    the one thing no one is really looking at the obvious reducing taxes this would enable employment and cut government costs but there is reluctance. politicians want to maintain their lifestyle and power controlling tax is the tool for this.
  9. Please explain how you are calculating this.....Are you assuming that the person is living rent-free with their parents? And not paying for auto isurance or health insurance? Many min. wage jobs provide no health insurance. Since you refer to working over the summer, I assume you mean someone who is supported by parents and thus is able to use all their earnings as disposable income.
  10. Thoughts on this? Focusing on one industry is a stupid thing to do. Electronics are almost unique in therr constant plunge in price due to constnat breakthroughs and miniaturization. They basically have done the opposite to inflation. I remember when calculators first came out - About $99 for a Bowmar brain, which did add/subtract/multiply divide - in like 1970 dollars. Now you can get this functionality for $2.

    How about using something like a car? Or food? Or gasoline?
    #10     Mar 14, 2010