| Minimum wage, good or bad? |
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financechoices
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| Minimum wage, good or bad? |
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The UK minimum wage rises today to more than £5 per hour. Do you think the minimum wage is good or bad?
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Mon Oct 03, 2005 7:34 am |
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deomix
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in the country that i'm from that's kinda big money. But it's also cheaper to live in my country (lithuania) so i don't really can compare these amounts 
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Mon Oct 03, 2005 4:28 pm |
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Rolo
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One isn't supposed to live, have kids, retire, etc. on minimum wage.
Good or bad? It depends...
"Expect me when you see me."
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Tue Oct 04, 2005 12:11 am |
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thebeave
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quote:
One isn't supposed to live, have kids, retire, etc. on minimum wage.
You beat me to it. Minimum wage was designed for the student who is still living at home to have some extra spending cash and to start to learn how to work for their money. Too many people in America are trying to live on minimum wage right not and are complaining that it is too low. I say it shouldn't go any higher. And that is coming from someone who makes minimum wage. If we were to raise minimum wage, one of two things would happen....
1. Many small businesses wouldn't be able to cut it and would go out of business creating less jobs.
or
2. Prices would be inflated to cover the extra millions it would cost to pay the minimum wage workers, but the other full time workers would not get a pay raise, making it unfair to them.
The point is, minimum wage was never designed to live on and in my opinion, it is high enough right now. Go an and better your life, don't get stuck on some job flipping burgers just because you get a 35 cent raise every six months and might become a manager and make $8 an hour later on, those jobs are designed as stepping stones, don't get caught in the trap.
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Tue Oct 04, 2005 5:02 am |
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gators52
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From a pure economic standpoint it is horriable, it's responsible for about 15-20% of umemployment. Setting the wage above the equliberium creates a shortage in any model, in this case that shortage is jobs.
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Tue Oct 04, 2005 7:29 pm |
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moneyflow
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You can never be financially secure earning minimum wage or working for somebody. You need to find sources to create multiple streams of residual income. Invest your money. Make your money work for you, don't work for your money!
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Wed Oct 05, 2005 2:05 am |
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scam-avoider
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as far as I know (and i dont know much haha)
it dont make much difference because no matter how high they put the minimum wage they will just raise the price of everything to cancel it out at the next budget
but then im probably wrong I dont know
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Wed Oct 05, 2005 2:13 am |
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gators52
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Yes you are wrong, that would cause inflation, and higher prices dont result in more profit for a company.
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Wed Oct 05, 2005 4:28 am |
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ryanmercer
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I have a few friends that still make minimum wage and probably always will because of some poor choices they made in their teens. They area always miserable every day as they know they can't get ahead... one of them was having to live off of raman noodles and she's to the point where if she even smells ANY boiling noodle she'll start throwing up (luckily she's found rice for the time being). Minimum wage is never enough, it never will be enough. It's great for teenagers at their first jobs and retired folk who are just working to have friends and something to spend their time on, but it will never be enough for someone to live off of.
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Wed Oct 05, 2005 12:33 pm |
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thebeave
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Exactly, that is why it frustrates me to be working along side of halfway intelligent people who are in their late twenties and complaining that they do not make enough. They complain but they seem to have no ambition to do better when they are very well capible of doing so. I have no intention whatsoever to be pulling pizza's out of an oven for my whole life, as soon as college is done, its on to a full time good paying job. That is exactly what minimum wage is supposed to be used for, to get you to the next step in life, it's not designed to be where you stop.
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Thu Oct 06, 2005 3:27 am |
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auggyf
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- in some regions, although there is a minimum wage it is lower than the market rate for unskilled labor. So in these cases the minimum wage is ineffective at anything.
- when the minimum wage is effective (ie people are paid the minimum wage because of the law), it probably does increase the unemployment rate -- although economists have found it difficult to show this causality. It also probably increases the standard of living of some (those whose salaries are raised due to the law) at the expense of others (those who don't get ANY job because of min. wage, or the increased costs for items) and introduces some inefficiences in the market. Some sociologists would say that these negatives are worth it for the people it does help.
I personally have mixed opinions. Ideally I would prefer for our government to aid the poor directly with specific programs, rather than indirectly through manipulating the labor market.
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Thu Oct 06, 2005 5:28 am |
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gators52
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Aiding the poor directly would be worse, do you know that for every dollar thats goes in to wellfare, only like 20 cents of that is actually handed out to the people, that government intervention for you...enough said.
Minimum wage is definatly above the equliberium...and most economists do agree it affects unemployment, it's all about supply and demand, take some economics 101. However its not a devistating effect on unemployment (20%) there are many other factors.
Plus minimum wage makes people believe that no matter how lazy they are, they will be getting paid the minimum. Heck where I live teens at McDonals are making more than minimum wage, so anybody that is making minimum wage proboly deserves it.
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Thu Oct 06, 2005 4:46 pm |
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jlee1224
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I agree with most everyone that minimum wage is not the standard to which we should live off of. But I do believe it should be raised with inflation (maybe every 3 years or so).
It hasn't been raised in a long time; it's been at 5.15 for a while now in the US.
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Thu Oct 06, 2005 6:50 pm |
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gators52
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so why should it be raised? So people who dont bother to educate themselves or who aren't motivated to succede, get spoon fed because of the government, we dont need more of that, very bad economic policy.
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Thu Oct 06, 2005 8:58 pm |
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