The majority of Americans do not work for minimum wage. There is already competition for skilled jobs, which is good.
Minimum wage laws create an artificial barrier of entry to the workforce that disproportionately affects young people. This is why you see jobs for entry level marketing asking for a masters degree.
People learn valuable skills and either get promoted, or move to a new company. When minimum wage is in place, companies have less entry level positions and new workers never receive the chance to learn and grow. They remain unemployed.
Ironically, many of these entry level jobs still exist—but people pay for the privilege of working there. They are college internships and most students are charged 4-8 credit hours for real world experience. It is promoted as highly valuable, but only when it’s tied to a university.
That would give people incentive to work up to better jobs. Minimum wage jobs aren't meant to be lifetime careers. I started at minimum wage, moved up to a higher position, moved on to a better paying job, and then to a high pay office job that I retired from.
I worked in a store. I rented a small house in the country. I owned a car. I bought the latest 45s every week, as well as books and magazines.
People are spoiled now and want too much. You can live on just a little, if you adjust your desires. If you don't have much money, get a mobile home. A used one is as cheap as a used car. I bought one back in the 80s for just $3,000 and lived in it for three years. I drove a used car, only bought retreads for it, and I ate cheap food. I also learned to use coupons. There are many options for those who choose them.
Do you think that a person making a minimum wage job today will be able to rent a small house, own a car, and have disposable income that will allow them to purchase new things each week?
Do you realize that 3K back in the 80s is 10K now, and most people don't have that kind of money just lying around?
Wouldn't taking away minimum wage allow for those businesses to pay peanuts for these jobs?
There would be more competition and opportunities for skilled labor to develop.
The minimum wage laws have led to overall worse employment and earning outcomes.
Thomas Sowell makes a very strong case in his book Basic Economics, with many supporting studies.
More competition how though? Wouldn't people be competing more for jobs that are paying more?
Here a link to some relevant passages:
https://www.creators.com/read/thomas-sowell/09/13/minimum-wage-madness
The majority of Americans do not work for minimum wage. There is already competition for skilled jobs, which is good.
Minimum wage laws create an artificial barrier of entry to the workforce that disproportionately affects young people. This is why you see jobs for entry level marketing asking for a masters degree.
People learn valuable skills and either get promoted, or move to a new company. When minimum wage is in place, companies have less entry level positions and new workers never receive the chance to learn and grow. They remain unemployed.
Ironically, many of these entry level jobs still exist—but people pay for the privilege of working there. They are college internships and most students are charged 4-8 credit hours for real world experience. It is promoted as highly valuable, but only when it’s tied to a university.
Why do they have less entry level positions? Why can't they just pay the entry level positions more?
But wouldn't removing minimum wage open the door for companies to underpay their workers?
That would give people incentive to work up to better jobs. Minimum wage jobs aren't meant to be lifetime careers. I started at minimum wage, moved up to a higher position, moved on to a better paying job, and then to a high pay office job that I retired from.
I guess that would make YOU a quitter. Your generation has much to learn about how life works. Starting with manners!
When you worked minimum wage, what was that like for you? Where did you live, what was the job, etc?
I worked in a store. I rented a small house in the country. I owned a car. I bought the latest 45s every week, as well as books and magazines.
People are spoiled now and want too much. You can live on just a little, if you adjust your desires. If you don't have much money, get a mobile home. A used one is as cheap as a used car. I bought one back in the 80s for just $3,000 and lived in it for three years. I drove a used car, only bought retreads for it, and I ate cheap food. I also learned to use coupons. There are many options for those who choose them.
Do you think that a person making a minimum wage job today will be able to rent a small house, own a car, and have disposable income that will allow them to purchase new things each week?
Do you realize that 3K back in the 80s is 10K now, and most people don't have that kind of money just lying around?