[quote]thunderbolt23 wrote:
[quote]pushharder wrote:
[quote]thunderbolt23 wrote:
[quote]ZEB wrote:
[quote]thunderbolt23 wrote:
Well, the point about the quantum leap is that we’ve had minimum wage standards since the 1930s and such standards have not impaired the economy’s ability to grow, and indeed, transform.[/quote]
You are right of course, but we don’t know how much more we could have grown without this make believe “minimum” do we?
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We also don’t know if we would have grown less during that time without a minimum wage law. That speaks to the point of causation (or lack of it)- the economy is driven by many factors other than minimum wage laws.
But the one thing we do know is that minimum wage laws clearly did not prevent the economic quantum leap we have enjoyed since the inception of those laws.
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C’mon man, don’t embarrass yourself here with this Pittbulllian logic. You of all people surely haven’t been taking night courses at his online university, have you?[/quote]
There’s no “Pitbullian logic” at work. Point is, minimum wage laws haven’t stood in the way of economic expansion, so you just can’t assume as right the claim that minimum wage laws hurt the economy or that economies are always better off without them.
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I’m not 100% opposed to the minimum wage; however, I think you’re a bit off base TB. While I agree that the minimum wage hasn’t stood in the way of economic expansion, it has in part dictated where that expansion is occurring. There are two main reasons companies are outsourcing and/or offshoring. One is corporate tax rates (3rd highest in the world) and the other is employment costs.
Long story short, the company I work for recently consolidated warehouses. We had four and two used union labor. We now have two warehouses. Which two do you think we closed? We spent millions of dollars to expand one of the remaining two warehouses to accommodate for the volume rather than keep a third or fourth union warehouse open. I can also tell you that the minimum wage hike in MD impacts us by millions of dollars over the next few years.
There is no doubt that minimum wage laws limit employment opportunities and are a factor in economic growth; however, it is certainly debatable whether a regulatory minimum wage is preferable to a net loss of job opportunity.