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Conflating 1: a person who is knowledgeable enough that raising minimum wage paid in fiat currency does nothing, and 2: not wanting to improve living standards
by exabrial 5y ago
Conflating 1: a person who is knowledgeable enough that raising minimum wage paid in fiat currency does nothing, and 2: not wanting to improve living standards for people who earn less, is quite the jump. Everyone arguing against it has good intentions.
In fact, the reason many people are arguing against a minimum wage increase is because they recognize that is is _always_ regressive against anyone that isn't a Politician trying to buy votes.
- thatfrenchguy 5y ago> a person who is knowledgeable enough that raising minimum wage paid in fiat currency does nothing, It does something though, it compresses inequalities because not everything is done by people paid a minimum wage.
- stormbrew 5y ago> a person who is knowledgeable enough that raising minimum wage paid in fiat currency does nothing Are you being hyperbolic here or are you actually arguing that somehow minimum wages increase inflation to the point that they're a wash and thus literally "do nothing"? Normally I'd assume the former, but since you're replying to someone who's saying people are arguing the latter, I have to at least allow the possibility you're defending the idea. Which would be silly. An increase in the minimum wage can't increase the money supply, and can't create global inflation on its own. And any effects like this could only really happen if the whole economy were under the minimum wage, which would imply much deeper problems that couldn't possibly be solved by raising it.