Whats wrong with pushing more Americans to work for lower wages like china does?

[easymoneysniper]

From my understanding, raising minimum wage or any form of universal basic income would just drive inflation higher so at the end purchasing power is the same (in other words, we are as broke in the end). Could someone break down how eaosong minimum wage helps individuals in the longterm or what I'm missing?

That’s bogeyman talk from the elites.

Yes if everybody got paid more, then there would be inflation but as the poster above mentioned, its not 1:1 for every good - basic essentials like food clothing etc where there is a competive market should not see much increase, where there is a lock on supply eg iphones (only apple can make them), or real estate (without building more houses, supply will be the same), those goods get affected more

Also have to consider the impact on currency, does UBI result in the usd gettinn weaker? if so it will have an inflation impact across all imports

but usd is for now at least the gold standard in the world so don’t expect too many issues

ubi would be more a reallocation from rich to poor

hell the last 14 years they’ve been printing money to basically steal from the middle class and poor and give it to the elite

it really sickens me when all these economists and white collar people try and finesse the rest of the nation

i thought the 2008 bailouts were more just being inexperienced by policymakers, but everything in the years since show the game is 200% righed

 

[Turbulent]

Basically inflation isn't 1:1. For example a big Mac the US where min. Wage is 7.25 federally is about $4 on average. In Denmark whee mine wage is $16 an hour a big Mac is $5.50. It's higher, but everything isn't going to double or triple in price overnight because min wage went up.

right so is it a matter of tweaking it right and figuring out what types of goods, and ultimately people would be affected? It's just that my instincts are telling me it's not as simple as just raising minimum wage across the board but I'm no economist. I think some attention should be paid on how it ultimately affects prices on essential goods, how it affects small to medium size businesses, etc. Eventually, if smaller restaurants can't afford to hire staff or if suppliers end up raising prices as a result of this (to the point where smaller businesses figure it's worth the hassle) then you might end up with just mcdonald and burger king in the end. Then they end up being the only employer and lobby politicians to remove minimum wage anyway...

 

[Shoog Shatmi]

OP,

What a stupid premise. A fraction of a percent of hourly workers earn the federal minimum wage. It is already nearly impossible to hire people at the lowest legal wage! Lowering the minimum wage won't help anyone, neither employers nor employees.

It's like if I asked you to work for me for $7 an hour and you said, "No, that's not enough money. I'll go work for the guy down the street for $8" And I countered with,

"Well, how about $5 an hour? That's my final offer."
\

 

[Tom Foolery]

From my understanding, raising minimum wage or any form of universal basic income would just drive inflation higher so at the end purchasing power is the same (in other words, we are as broke in the end). Could someone break down how eaosong minimum wage helps individuals in the longterm or what I'm missing?

It's basically the anti-communism argument. If there is no incentive to achieve more, why even attempt?

 

[Tres Leches]