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A Minority View: Higher Minimum Wage

DebbieB Wrote: Feb 27, 2013 10:02 AM
I babysat in the sixties for fifty cents an hour. In the seventies, it was up to a dollar for a large family and because I was experienced. But when my kids came along in the eighties, the babysitters we could find insisted on five dollars an hour because that was minimum wage. Guess who couldn't afford to hire babysitters at that price? So we traded off with other moms or stayed home. The few times we had a babysitter and a date, we spent more on the sitter than the restaurant! So who won? Certainly not the babysitters. Instead of their five bucks an hour, they got nothing. True, they found some rich suckers who would pay that from time to time, but overall, there were a lot less jobs to be had.
beowulfe Wrote: Feb 27, 2013 10:11 AM
'Tis the Obama plan. The poor get poorer, and King Hussein gets richer.

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,...