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As a society it is not better. If they refuse to staff at $10.00 they do not hire or gain additional marketshare. Another company will take that business at t
by wolco2 6y ago
As a society it is not better. If they refuse to staff at $10.00 they do not hire or gain additional marketshare. Another company will take that business at that level. Or no company will step up and that will raise prices.
Minimum wage simply creates a market floor.
- sokoloff 6y agoIMO, minimum wage both creates a market floor and by doing so shuts some people out of the labor market at the margin.
- wolco2 6y agoIt shuts someone from a 10 dollar job that doesn't exist. But it doesn't shut people out of the labor market. Removing the floor creates a new cheap labor market where Americans are shut out because they can't afford to live in that wage group. That's why the cost of living should be connected to min wage. Take vegetable picking as an example. No one will pay an American min wage so they can't fill those jobs. They want 3 dollars an hour workers. No American can afford to live on that so they are shut out of those jobs. They import temp workers who can convert $3 American to $20.00 their currency and can live a higher standard of living to their peers. Removing the floor killed thousand of American jobs. Why would we import it to other industries?