$tudents on the Minimum Wage going up

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FreeTheNip
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#1
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#1
There is lots of debate and controversy over the minimum wage and many people (particularly those who work minimum wage jobs) are in support of it- however from an economic standpoint many think it's a bad idea.

It recently jumped from $11.60 to $14 in Ontario, Canada.

Students seem to be 50/50 on it:


What do you think? Is there talk of minimum wage raises where your from?
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Just my opinion
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#2
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#2
I have seen economic arguments from both sides. Larger employers corporations etc may be able to take the hit many smaller employers with lower turnovers will simply cut back and not take as many people on.
Perhaps have a minimum wage higher for an employer with more than a given amount of employees and a lower figure for those small mom-and-pop businesses.
Employers need to make a profit out of your labour. If you are low skilled and the employer can't make a profit at $15 US the job will simply not be there for you.of course people on 16/17 and $18 will want differentials to be kept so they will demand higher wages and so on up the chain. Too big a jump in one go could cause chaos.
It is an interesting subject and I have seen economists argue from both sides. The problem being ask 10 economists a question and you will get 11 answers.
Then I don't study economics so WTF do I know. 😊
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So-Sarah
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#3
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#3
high min wages can only work if we halt mass-immigration
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Emma:-)
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#4
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(Original post by So-Sarah)
high min wages can only work if we halt mass-immigration
I do agree that some business (mainly bigger businesses) would rather take on immigrants who will take the lower wages rather than english people who they would have to pay at least the minimum wage to..
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The PoliticalGuy
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#5
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Low-paid workers + Immigrants + Free market = Capitalism

A Higher minimum wage contradicts this formula.

High-paid workers + Less immigration + Controlled markets = Socialism
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L i b
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#6
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#6
Low wage economies are generally not productive economies as there is little financial benefit to investing in training, up-skilling and so on. Just as significantly, low wages were - through in-work benefits - passing the responsibility for ensuring that workers could have an acceptable standard of living from employers to the state.
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FriendlyPenguin
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#7
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(Original post by So-Sarah)
high min wages can only work if we halt mass-immigration
Yup.

And just wait until we have Universal Income in Europe - the borders will be closed very quickly indeed.
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ANM775
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#8
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#8
(Original post by FreeTheNip)
There is lots of debate and controversy over the minimum wage and many people (particularly those who work minimum wage jobs) are in support of it- however from an economic standpoint many think it's a bad idea.

It recently jumped from $11.60 to $14 in Ontario, Canada.

Students seem to be 50/50 on it:


What do you think? Is there talk of minimum wage raises where your from?


the more spare money in people's pocket the faster inflation happens

thus raising the minimum wage is a sort of double edged sword. If you're already earning above it, then minimum wage workers getting a raise is indirectly bad for you as it will quicken inflation/higher prices
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So-Sarah
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#9
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(Original post by The PoliticalGuy)
Low-paid workers + Immigrants + Free market = Capitalism

A Higher minimum wage contradicts this formula.

High-paid workers + Less immigration + Controlled markets = Socialism
Remedial class economics 101
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