> Why was unemployment so much lower five years ago than now? Did people just get really lazy?
Could the raise of the minimum wage have something to do with increased unemployment?
Could the raise of the minimum wage have something to do with increased unemployment?
And don't some nations reevaluate the value of their minimum wage annually, adjusting for de/inflation? That seems reasonable to me. And stops the arguments over when/if to increase it. (Though of course many obviously believe we shouldn't have it, but that's a different conversation.)
What is a 'living wage'?
> just because someone is employed doesn't mean that they are in a good position.
They certainly are in a better position than somebody who is unemployed.
As Thomas Sowell pointed out: The real minimum wage is always zero: unemployment.
All the minimum wage does is distort the labour market to favour automation and highly skilled workers over the inexperienced and low skilled.
Basically, it hurts precisely the people it was supposed to help.
How I define a living wage: Enough income for a 1 BR apartment, 3 square meals a day (from a grocery store, not a resturaunt), and health care. Basically, the bare minimum.
I'm not skilled enough in economics to be sure whether removing minimum wage would benefit workers. My suspicion is that it would, and you have made a good argument to that affect. I just feel the need to play the devil's advocate.
Thanks for your input.
By the way, are you the same Uriel as the one on Reddit?
> How I define a living wage: Enough income for a 1 BR apartment, 3 square meals a day (from a grocery store, not a resturaunt), and health care. Basically, the bare minimum.
The "bare minimum" is quite different if for example you are a student living with your parents that is working to help pay for university, or if you have children, or a working spouse, or savings.
Not to mention the HUGE differences in cost for the things you mention in different locations within the same country or even state.
For more info and links to many studies on the topic see: http://harmful.cat-v.org/economics/minimum-wage/
And yes, I'm the same uriel as in reddit :)