Prague Twin

Friday, July 28, 2006

Minimum Wage Increase Considered

The House of Representatives is proposing a minimum wage hike.

It seems the Democrats are getting some support from Republicans this time around. Must be an election year or something.

If they get it, expect a sharp drop in the equities markets.




posted by Praguetwin at 3:47 PM

11 Comments:

  • Great! Lets export even more jobs!

    By Anonymous Anonymous, at 4:27 PM  

  • Given the penchant for laissez-faire economics, the lower end is still subject to micro-tinkering. Never to their real benefit either.
    If the system was really fair for all there would be no argument about minimum wage.
    Arch, spot on! Exporting jobs enriches no one except the corporations. It certainly doesn’t help the country being drained of opportunity.

    By Blogger Cartledge, at 5:04 PM  

  • Cartledge

    I'm glad you acknowledge that an arbitrary raise in minimum wage by legislative fiat does indeed lead to job exportation. As to fairness, who determines what is fair? Is our station in life (at least in the 1st world) not as a result of perseverance and hard work? Who was it that said something along the lines of "success is 10% inspiration and 90% perspiration”?

    p.s. I like your new avatar, as I no longer feel that you are starring at me!

    By Anonymous Anonymous, at 10:24 PM  

  • Stare, moi? The pic reflecs my current mood, which tends to ape the 18th century paphleteer.

    But, to the quote, and not wishing to be pedantic; Edison "Genius is 1% inspiration and 99% perspiration!"
    Exporting jobs is an outrage and a direct flow on of globalization.
    In my country it has caused the loss of a greater part of the manufacturing and agricultural industries.
    I expect Edison would have been opposed as well. An economy must make more than just profits for the few at the top.

    By Blogger Cartledge, at 1:08 AM  

  • Artificially raising the minnimum wage is NOT a good idea, though it will get votes. Those who've earned their higher wages (though they're still at the "bottom" of the economic pecking order) have worked hard to earn the very slight amount of extra buying power that grants them.

    Something people on the top just don't understand is that the difference between $6/hr and $9/hr is a big deal to those who've earned the raises to be getting $9/hr. If the minnimum wage becomes $9/hr, not only do they NOT get a raise and thus lose their small "buying power" edge, but it becomes all the more difficult to get any raises, because more and more of the budget is consumed by the inflated wages.

    By Blogger Mark, at 1:26 AM  

  • Cartledge

    Do you have a minimum wage in your country? And if so, is it possible that it is partially responsible for the outsourcing of at least the manufacturing jobs?

    Stephanie

    We agree?!?!

    By Anonymous Anonymous, at 1:56 AM  

  • Australia practiced interventionist economics for many years, very successfully on the whole. The advent of ‘economic rationalism’ (or Reaganism as you might know it) led to a shift which called for labor to be moved offshore to cheaper countries.
    That items such as minimum wages have been phased out with tougher labor laws was a function of implementing the economic program not because of their failure per se.
    Our countries cannot possibly compete with cheap labor countries. But look what you get for product now. You want cheaper goods? You get exactly what you pay for.

    By Blogger Cartledge, at 2:18 AM  

  • LOL! Yes, Arch, we do. While my reaction wasn't entirely disimiliar, it's not like this is a first...we also both agree this is a blog worth visiting.
    ;-)

    Though, I must say...it makes me think of clocks.

    By Blogger Mark, at 12:29 PM  

  • Stephanie

    By clocks, did you mean that you are right at least twice a day? lol.

    By Anonymous Anonymous, at 3:24 PM  

  • Tying the minumum wage hike to the estate tax cuts assures that it will die in the Senate anyway. It's a shame the estate tax cuts aren't going to pass though.

    By Blogger Reality-Based Educator, at 7:49 PM  

  • RBE

    Dont tell me we agree on the estate tax. If on one signle post it is found that yourself me, and Stephanie agree, it is clearly a sign of end times.

    p.s. gonna take me up on the Second Amedment one of these days?

    By Anonymous Anonymous, at 12:40 AM  

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