Originally posted by Rockpuck
And as Light says, raising the Minimum wage does in fact excel inflation, however, cause and effect often takes several years to "catch up" in a normal economy.
[edit on 7/26/2008 by Rockpuck]
Actually if you look at history it is quite the opposite. Inflation causes us to raise minimum wage not the other way around. The fact is I do understand your and lights point I think anyways. If Im reading you right your saying that it sets a value and if there is no minimum wage people would make more money because it doesnt set that minimum value for the less important jobs. Interesting and thought provoking but I have to disagree. Ill disagree on the premise of look at the wealth gap in the fortune 500 companies for example. The execs make on average 500x their normal employees. So you say to yourself is that fair?
I do own a business (as you know Rock) so I do have room to talk on this. I only make around 3x my average employee and I would never ever think about paying anyone who works for me minimum wage. I believe in paying what is called a living wage for my lower end employees. That is $10.00 and hour. $7 and hour you just cant make it in this world its impossible and if more employers had my mindset where you pay your employees well because its those same employees that come back to buy your products (fordism as it is called) then our country would be in a lot better situation than we are in. We do that and then get rid of the fractional reserve system and bring our manufacturing jobs back here WOW we could really become a great power again.



