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Thread: Minimum wage brain teaser?

  1. #1
    Join Date
    Sep 2007
    Posts
    1

    Default Minimum wage brain teaser?

    How effective are minimum wage laws at providing a living wage for a wide range of workers?

  2. #2
    Join Date
    Sep 2007
    Posts
    1

    Default

    They are not effective. In the short term people on that economic rung will see an increase in their standard of living, when prices for goods haven't compensated for the larger money supply. After time though they are right back were they were before the increase.

    Case in point: A landlord of low wage apartments knows that his tendants will get a 10% raise due to minimum wage increases. What do you think he will do to the cost of his units?

    The amount that those at the bottom make is inmaterial. What matters is if, on their wages, they can afford a basic existence. That will only change through innovation and lower production costs.

  3. #3
    Join Date
    Sep 2007
    Posts
    2

    Default

    I think it depends entirely on what state you are talking about. Sometimes it depend on what part of the same state you are talking about. In Texas on one side of the street they have a certain % for taxes, and when you cross the street they may have a higher, or lower % for taxes. It's very confusing there.
    peace

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