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Originally Posted by JoshGirls Josh
your right. the minimum wage is higher then the market will bear given this discrepancy. There would be more "jobs" without one. that may be great for the "job creators" & the yacht owners. But the little guy will basically be slaves. So i would argue there is a social benefit for the poor with the minimum wage, even if the natural rate would be lower.
this is why repubs fail at economics.
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You admit that it will eliminate jobs. How is that a good thing?
What's your definition of a slave? If you have someone that wants to work but have eliminated their job you have just made a poor person.
Economics is not about benefit. It is the science of scarcity and how resources get allocated. It's not republicans that are against minimum wage per say. It is anyone who knows that it won't work.
It will drive labor over seas where there is no such regulation.
If minimum wage works so great, then why not set the minimum wage at $100,000 per hour?
It's nice to want to help the poor, but you don't do that by violating laws of economics. You can't throw rocks into a bucket and hope there will be food. Why do you think there will be economic prosperity by raising the minimum wage. There is no logic or evidence for it.
Just because you want to help the poor doesn't mean your actions will. You're ignoring the law of cause and effect. The action you propose will have the OPPOSITE effect.