Why are people on ET so against a decent minimum wage

TraderDrake · Dec 4, 2007

Quote from jwecme:

I am troubled by the attitude of lots of people on here as to the setting of a decent level of minimum wage. In the UK we currently have a minimum wage of around 10 dollars an hour with universal health care based on need not ability to pay.

The Uk's unemployment rate is considerably lower than the US's as we actually count long term unemployed unlike the US, so I cannot see any argument against protecting the most vulnerable rather than seeing how much you can screw out of the downtrodden for an extra few cents profit for business owners.

PLease do not tell me either that the market is the best way to solve everything, we have strict market rules already in the UK and US for abbusive market based practices such as monopoly prevention and environmental damage etc. i see paying someone less than 10 bucks an hour as abusing them.
More...

Most likely because they spend all their time trying to escape the minimum wage. So, $11/hour is fine, but $10 is abuse?

zdreg · Dec 4, 2007

Quote from jwecme:

I am troubled by the attitude of lots of people on here as to the setting of a decent level of minimum wage. In the UK we currently have a minimum wage of around 10 dollars an hour with universal health care based on need not ability to pay.

The Uk's unemployment rate is considerably lower than the US's as we actually count long term unemployed unlike the US, so I cannot see any argument against protecting the most vulnerable rather than seeing how much you can screw out of the downtrodden for an extra few cents profit for business owners.

PLease do not tell me either that the market is the best way to solve everything, we have strict market rules already in the UK and US for abbusive market based practices such as monopoly prevention and environmental damage etc. i see paying someone less than 10 bucks an hour as abusing them.
More...

people in the UK use national health only in emergency if they have any funds.

TraderDrake · Dec 4, 2007

Quote from zdreg:

people in the UK use national health only in emergency if they have any funds.
More...

So how much should you pay somebody to spit on your frozen hamburger? That is just how America works, or worked.
Don't be too concerned, because we have much bigger issues, and probably will rank a 3rd world country by 2009!

PAPA ROACH · Dec 4, 2007

What it's like being on the "other side".

Dr. Zhivodka · Dec 4, 2007

Used to clean Arabian horse stalls for $1.05 per hour.

I feel abused.

Help me!!!!!!!!!!!!!

Quote from jwecme:

i see paying someone less than 10 bucks an hour as abusing them.
More...

blackjack007 · Dec 4, 2007

Quote from jwecme:

I am troubled by the attitude of lots of people on here as to the setting of a decent level of minimum wage. In the UK we currently have a minimum wage of around 10 dollars an hour with universal health care based on need not ability to pay.

More...

et people are against it because many people here are free-market oriented, not socialists like yourself who want a meddling government. let me guess, you also like rent control and bailing out "victims" of greedy subprime lenders.

DerekD · Dec 4, 2007

Quote from dandxg:

Actually, and unfortunately, war is very good for the economy. Look how well America did after WW II and the recent run up in the stock market, albeit on a weaker currency, since the beginning of the wars in Afghanistan and Iraq.

I am will you though. I think that decent minimum wage and health benefits should be a minimum, but I have a background in social work. Most ppl. trade because they believe in the free hand of the market, whether that be good or bad. You have a bias that you grew up in a country with a lot of socialized programs so you see the benefits, just like I have a bias that I did social work. Many whom trade believe strongly, and so do I, that the US is one of the best countries to be an entrepreneur, whether that be day trader or small business owner. Europe is better for employees and America is better for business owners. My 2 cents worth
More...

This is well said.

jwecme · Dec 4, 2007

Quote from blackjack007:

et people are against it because many people here are free-market oriented, not socialists like yourself who want a meddling government. let me guess, you also like rent control and bailing out "victims" of greedy subprime lenders.
More...

I think most people on ET, me included, should be pro a high minimum wage as we are only one trade away from it!

blackjack007 · Dec 4, 2007

btw, i know a couple of people who earn low wages. the reason their income is low is because they have absolutely no marketable skills. raising their wages doesn't change that.

the world doesn' t owe anyone anything. you earn it. you wanna make more? learn a skill that employers covet instead of asking for your government to "hand" you the extra money via minimum wage laws.

jwecme · Dec 4, 2007

Quote from blackjack007:

btw, i know a couple of people who earn low wages. the reason their income is low is because they have absolutely no marketable skills. raising their wages doesn't change that.

the world doesn' t owe anyone anything. you earn it. you wanna make more? learn a skill that employers covet instead of asking for your government to "hand" you the extra money via minimum wage laws.
More...

Have you ever tried to retrain on minimum wage whilst supporting a family. Your argument does not really add up. It is great in theory but does not hold up in practice. You would have to work such long hours just to feed kids you would have no time to improve your skills even if you wanted to, you are trapped.