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A Minority View: Higher Minimum Wage

michael1819 Wrote: Feb 28, 2013 10:06 AM
There is even the farce that you must have a college degree to make a good living. Skilled labor is getting harder to find. Schools get kickbacks from universities for sending kids there. Even if they drop out, the initial enrollment is all they care about. There are tons of jobs in the trades. Of course unions are part of the reason people do not want to be in the trades. The only living wage that is necessary is the wage an individual sets for him or her self. His or her success is predicated on how well they were educated and applied that knowledge to the work environment.

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,...