House passes minimum wage increase.

BlackAndy said:

“The law of supply and demand works in the labor market, too. If government mandates a higher minimum wage, some workers will get a raise. Some. But something else will happen. Employers will hire fewer low-skilled workers. Others will let some current workers go. Some will choose not to expand their businesses. A few will close altogether.” —John Stossel

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Whether effects of increasing minimum wage are good or bad depends on the elasticity of demand of the labour. I think that it is rather inelastic so I'm going to predict it will be a good thing overall.

Also the wages is going up incrementally so to allow markets to adjust to the increase over time.

Besides the Republican house passed the same wage increase which was blocked by the Senate last August. Are you going to vote for a third party? Go on, throw your vote away.

GodrockDJ said:

Irregardless, this is a step closer to some low-end workers almost being able to survive the cost of living in some states. This raise was absolutely necessary for quite a few expensive states.

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Then let those states set their own wages.

It boggles my mind that anyone thinks it is the government's job to set minimum wages. I don't want the government getting involved in my affairs and trying to 'protect' me from myself. This is like having your mommy come in to work and telling your employeer they have to pay you more.

OhhJim said:

If this bill becomes law, and the economy doesn't go into the dumper, can we expect certain people to post in this forum how wrong they were?

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Did some people on these fora say that the economy would fail from a minimum wage increase?

FatBaldandToothless said:

Did some people on these fora say that the economy would fail from a minimum wage increase?

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Apparently that's the only reason people would be against it. Why else not give people money they don't deserve

Maxwell511 said:

Also the wages is going up incrementally so to allow markets to adjust to the increase over time.

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I think you're getting it, Maxwell. The market adjusts.

Prices go up. Other people get raises. In the end, minimum-wage workers are in the same position they've always been in. In the last few decades, what has artificial inflation accomplished?

stray bullet said:

Apparently that's the only reason people would be against it.

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No it isn't. The only opposition I've seen here to the minimum wage increase is that the economy would take a hit, that some would be impacted negatively, or that no one would benefit, ultimately. Nothing about the economy winding up in the dumper.

FatBaldandToothless said:

Prices go up. Other people get raises. In the end, minimum-wage workers are in the same position they've always been in. In the last few decades, what has artificial inflation accomplished?

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"In the end, we are all dead."

The increase is over two years it will take inflation several more to catch up with it, unless something really bad happens. Until then the minimum wage worker is in a better position.

Douger said:

$7.25 an hour? Come on! That's ridiculous! Sounds to me like a plan to increase prices while decreasing employment and small businesses.

Right on. Funny, you'd almost think the Democrats were being lobbied by oh I don't know...Walmart or something.

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So, whens the last time you were railing against high CEO salaries? After all, those will only help to "increase prices", and for what? Does a CEO really deserve millions per year? Is a CEO actually doing the work of 50 employees?