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Old 05-05-2021, 04:58 AM   #8
jeffk
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Quote:
Originally Posted by longislander View Post
Addressing minimum wage:
Relevant to what/which relevant economy?

A "minimum wage" in NY city versus a minimum wage in Laconia must be different, just utilizing common sense. It should not be difficult to surmise Laconia will have a lower minimum wage, if the wage is supposed to be utilized in a minimum living status.

Living wage is established by a person's will, to some standard of living.

How can there be a rational national minimum standard wage, when states have various economic standards of living. Is the poorest standard of living acceptable, to the highest living standard state?

A national minimum wage law makes sense ... if the wage is set by each individual state for that state, not the federal government.

State market place demands, will adjust wages to each state's economy.
Overall I agree that a national minimum wage is useless. However, I would argue that even within NH it simply doesn't work. The cost of living in southern parts of the state vs. costs in rural areas vs. costs in vacation areas are all different.

When the market sets the going rate, each area adjusts to its own circumstance. Each individual gets to choose what jobs pay them "fairly" and whether to improve their skills to earn more. Employers learn what they have to pay to get the workers they need at a price they can afford.

Further, when wages are artificially set above levels that can be justified, it triggers inflation. It gradually pushes everyone's wages up, raises the cost of living, and dilutes the benefit that was sought by paying a minimum wage in the first place.

In addition, a 5% higher wage, doesn't deliver 5% more to your pocket. Taxes are higher, medical insurance is higher, other items deducted from your pay go up; often at a rate more than the 5% increase you got. In the end, you end up worse off than you were. Then the politicians "help" by raising the minimum wage again and the cycle repeats. If the solution was to increase minimum wage, the "problem" would have been "fixed" many years ago. It isn't fixed because the minimum wage is NOT a solution that works.

Education/training/experience and a good work ethic are what bring higher wages because it delivers more value to the business owner who is then justified in paying a higher wage for the employee. And if THAT business owner doesn't recognize the employee's worth, another employer will.

Finally, as previously mentioned by others, some jobs are not MEANT to pay enough to raise a family. It simply cannot be justified to pay employees at that level. That's why both parents might work or why some people have two or even three jobs. Or, per above, they get more education that makes them more valuable.
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