3 ms·
You realise your point is moot right? The economic arguments against the minimum wage rely on the idea that it's a necessity to underpay for business to functio
by dbspin 6y ago
You realise your point is moot right? The economic arguments against the minimum wage rely on the idea that it's a necessity to underpay for business to function. The less people underpaid, the less strong the argument for having to ensure a low or no minimum wage.
- strictnein 6y agoMy "point", if there was any, is just that very few earn minimum wage. Therefore comparing <random high earner group> to minimum wage is pointless and kind of strange. More meaningful would be comparing to the first quintile of wage earners.
- imtringued 6y agoThe economic arguments against minimum wage are that you are not underpaying the employees in the first place. If the only job these people can do pays minimum wage then that is how it is. If they could do better jobs they wouldn't get paid minimum wage. Therefore the minimum wage either does nothing and is purely cosmetic or when it does something it prevents the labor market from functioning properly. It's like rent control. It's just a tool for politicians to deflect blame and shift the problem elsewhere for the benefit of their own careers. Meanwhile a job guarantee would actually solve the problem by putting a salary floor but since everyone is asking for a minimum wage increase it is not going to happen.