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(25,592 posts)And record profits continue to go up also.
Hear that Wal-Mart and Papa John?
safeinOhio
(32,633 posts)why is that so high?
Turbineguy
(37,285 posts)people earning minimum wage will be competing to buy limited supplies of fine wine, Picasso paintings, fast sports cars, and large luxurious homes.
It's the Law of Supply and Demand. It's an economic law. I learned about it in High School.
PoliticAverse
(26,366 posts)Sophiegirl
(2,338 posts)Minimum wages stay stagnant. Price of food goes up. It's not because the price of the agriculture gods and their congressional supporters have increased the price of their products exponentially? Right??
Profit is more important than the folks that toil hard to earn the rich more bread and butter.
More money, more money..while those In the trenches do with less and the moneyed folks make more and more.
Just starve the ordinary worker. And then complain that they have to rely on food stamps to feed their family.
Blood-sucking vampire corporatists.
eff them all!!!
TimeToGo
(1,366 posts)Not because we shouldn't raise the minimum wage, but because it is phrased as s logical fallacy.
Benton D Struckcheon
(2,347 posts)nat gas, coal, iron ore, copper, platinum, gold, corn, sugar, coffee, soybeans, potash, hemp (it's industrial again, right?) and cocoa all go up when the US minimum wage goes up.
Wait, they don't???
Hmm
.
Igel
(35,270 posts)It wouldn't be worth an answer if the bad logic wasn't foisted on us by conversational "rules" that we English speakers usually follow.
It's hard to know if the violation of conversational principles, the ill-formedness of the major premise, or the ridiculousness of the minor premise is more egregious.
1) The question sounds rhetorical. We're asked to assume that the premise is true by the way the syllogism isn't stated but implied. "Yeah, that's true--we have inflation, no minimum wage increases, so the premise must be false and minimum wage increases have nothing to do with inflation." Perhaps that's true. Something besides rhetoric would be nice. Even a bald-faced assertion would be preferable because then it would be an assertion that could be tested. Instead, it's just weaselly.
2. The underlying assumption is logic something like "If A causes C, and there's no A, there cannot be C.
"If MW wage increase causes inflation, and there's no MW wage increase, there can be no inflation."
Try this:
"If bacteria cause sickness, and there's no bacterial infection, there can be no sickness." Does the flu count as sickness? It's viral, not bacterial.
We're asked to understand the first part to be "If only minimum wage increases cause inflation . . .". The problem being that nobody makes that assertion, so it's actually underlyingly a straw man argument. The implicated assertion being argued against isn't worth arguing against.
3. Even the conclusion we're asked to reach is, on the surface, ridiculous. It's fairly obvious there are lots of reasons for "inflation"--esp. if you define it as just "price increases." Rather like my example of sickness all being bacterial in origin. Without much thought, most 9th-graders should come up with bacterial and viral infections; some will come up with other infectious agents, like parasites or fungal infections, or even protists, while others will point out that chemical toxicity can also make you sick and that sickness need not involve infection.
Let's not confuse form and substance. The real question is whether minimum wage increases actually cause inflation (with other questions like whether they reduce efficiency, growth, etc.). The answer is hard because typically we're more likely to increase the MW when the economy is growing and wages are, in general, rising anyway. Then what we do is compare growth against a model--and since there have been various models over time, with competing assumptions, it's hard to make a convincing argument.
kentuck
(111,051 posts)It was not a declarative sentence.
However, we have heard the argument against raising the minimum wage is because producers would just pass it on in higher prices. I do question that assumption.
In fact, with more money in the pockets of minimum wage workers, it could have the opposite impact on prices. The law of supply and demand may actually cause prices to decrease to keep up with competitors?
But your point is well taken.
rhett o rick
(55,981 posts)I believe that raising the min wage wont raise prices but this isnt a logical argument.
oldhippie
(3,249 posts).... then you probably wouldn't like or understand the answer.
FreeJoe
(1,039 posts)It comes from the money supply increasing faster than the supply of goods and services. The trade-off with the minimum wage is with low income employment levels.
Benton D Struckcheon
(2,347 posts)That's because of the "propensity to consume" the add'l dollar, which is extremely high for low wage workers, for obvious reasons. As that add'l dollar is spent in places where low wage workers work, like Wal-Mart and 7/11 and so on, those places would have to balance the add'l demand against the add'l expense. I'll bet it easily cancels, if not leaning towards hiring more workers to meet the demand. Productivity improvements would of course be made, but you can only stretch that so far to meet the increased demand.
Snake Plissken
(4,103 posts)into the economy is bad for the economy
This is what the teabaggers have been brainwashed into believing.
mbperrin
(7,672 posts)$50k a year is not luxurious living for a family, and wouldn't it be delightful if there were only one breadwinner working regular hours so that the family unit could be preserved, along with the societal norms, manners, and niceties that one does not get from sitting in front of a TV at day care?
If it's not worth paying $50,000 a year to get, it's likely not worth having.
Too many people are working for too little money now. We need far fewer working for a decent wage.
blkmusclmachine
(16,149 posts)Might as well pay people a living wage, so they can stay off gov't assistance and out of jail.
Lobo27
(753 posts)but 1.2 billion of that is tax payer money. I forgot how it went, but if they used the tax payer to up employee pay, the company would still have like 3billion + in profits...