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A Minority View: Higher Minimum Wage

AlsoSprachGideon Wrote: Feb 27, 2013 11:13 AM
How about a maximum wage? Eliminates greed. Employers will not pay more than the maximum. Put the balance into investments. Expand the business. No more need for loopholes and special deals.
Fishers_Man Wrote: Feb 27, 2013 1:31 PM
Why am I humming the song for "2001 A Space Odyssey" now?
olddoc4444 Wrote: Feb 27, 2013 12:17 PM
BTW, where is your empirical evidence that greed has EVER, in the whole of human history, been eliminated?
olddoc4444 Wrote: Feb 27, 2013 12:16 PM
I recall When Ben and Jerry's had a policy that the highest paid worker would make no more than 5 times the salary of the lowest paid worker. What happened was that they had real trouble finding a CEO with the skills to run that company who would work for that money. I never heard the final outcome of that- whether they abandoned the idea, or cooked the books with "non-salary compensation" or what.
I, too, sometimes scratch my head over executive compensation- especially when poor performers get exhorbitant pay. But ultimately the marketplace determines wages. Period.
BFDOFR Wrote: Feb 27, 2013 11:17 AM
How about you move to some communist country. Oh, wait there are none left because even the Russians and Chinese now realize that ideas like yours are idiotic.

In his State of the Union address, President Barack Obama proposed raising the minimum wage from $7.25 an hour to $9 an hour. That would be almost a 25 percent increase. Let's look at the president's proposal, but before doing so, let's ask some other economic questions.

Are people responsive to changes in price? For example, if the price of cars rose by 25 percent, would people purchase as many cars? Supposing housing prices rose by 25 percent, what would happen to sales? Those are big-ticket items, but what about smaller-priced items? If a supermarket raised its prices by 25 percent,...