In response to:

A Minority View: Higher Minimum Wage

jazzmanJim Wrote: Feb 27, 2013 1:44 PM
AlsoSprachGideon Wrote: 2 hours ago (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. =-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-= What incentive would there be to take risks, start a new company, better onself under this scenario? This has already been tried - look at the history of communism.

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,...