from the business news

[b4uqzme]

if you live down south in one of those non-union, "right to starve" states, this doesn't apply to you. (big time 1%er's can hose off too.)
for the rest of us, who work and haven't seen any substantial pay increase in 20-30 years, the minimum wage is crucial. minimum wage is the basic pay level for any warm body that clocks in for another shift. if a worker has skills and knowledge, they should be paid some multiple of the min. wage. the union would say that the higher the skill level the higher the multiple. management looks at how much the worker is making for the company and the multiple is based on that.
the min. wage is one of the basic numbers in the economy. the more money flowing thru the economy the better it is. raise the min. wage 50 cents and Walmart and McDonalds makes more money-- easy concept.
Friedman and the Chicago School are drastic failures. Ayn Rand wrote goofy novels, don't name your goofy kid after her.
“I did not mean that Conservatives are generally stupid; I meant, that stupid persons are generally Conservative. I believe that to be so obvious and undeniable a fact that I hardly think any hon. Gentleman will question it.

[John Stuart Mill, in a Parliamentary debate with the Conservative MP, John Pakington, May 31, 1866.

now, do ya need a link to Krugman?

Without getting into the mechanics of labor markets, wage is determined by the worker's output. If you fix the wage at a given rate, everyone who produces less than that output get fired. How does that help?????

[b4uqzme]

...
the min. wage is one of the basic numbers in the economy. the more money flowing thru the economy the better it is. raise the min. wage 50 cents and Walmart and McDonalds makes more money-- easy concept.
...

...easy to say NO! Forcing the wage rate creates labor market inefficiencies that need to be paid for in some way: either by raising prices (inflation) or government subsidies (raising taxes). Even if more money did flow through the economy (it doesn't) we wouldn't be better off.

P.S. thanks for the opportunity to discuss a (non-firearms) subject that is dear to me. The more people who learn about markets, the more people we will have out there making good decisions.

[knkali]

the minimum wage legislation and its periodic increases was funded by organized labor so that the difference in wage between the union workers and non union was not so large. By doing this, they could continue to ask errr demand higher wages for their union constituents. Nothing to do with labor value, output, or increasing the circulation of money in the economy.

[b4uqzme]

everything is moving and changing, changing in cycles. housing prices, wages, inflation, prices. ... muhaha!

EXACTLY --- the laws of market equilibrium are strong and natural. They just happen. But if you mess with them, the result is ALWAYS bad. To your point: markets are complicated. That's why they cannot be manipulated by some government controller or overseer. That's why the Russian socialist experiment failed. That's why, as the US moves toward socialism, our economy is doomed to fail also. Leave them alone and markets will always fix themselves in the long run = move to the best possible balance for everyone. Key word there is "balance".

[b4uqzme]

the minimum wage legislation and its periodic increases was funded by organized labor so that the difference in wage between the union workers and non union was not so large. By doing this, they could continue to ask errr demand higher wages for their union constituents. Nothing to do with labor value, output, or increasing the circulation of money in the economy.

I agree. The minimum wage was created to discriminate against certain citizens willing to undercut organized labor's wage price. The minimum wage rate has nothing to do with the free labor market...which is why it doesn't work. That's why I use the term "force" when I discuss minimum wage. It's just an arbitrary number shoved in there with no thought about the consequences.

[marcinstl]

I'm old enough to remember what a Missouri Democrat was (picture a feral mule). lot's of those Mo. Dem's became Republicans because they didn't like what JFK or LBJ was up to.
as far as the economy goes, I look for a level playing field, if I can't get that I look for a deal, no deals and I sit on my money. what's a level playing field? how about the guy who's going to jail for a $500 robbery meets his new cellmate, Angelo Mozilo. hehehe, not going to happen huh? how about the Koch Bros. just buying up all the politards-- dime a dozen for the hacks. what is a country based on the rule of law, when the laws are written by and for the elite? (any thug in jail knows why he's there-- he got caught and didn't have enough to buy out of it. )
and hows that austerity thing going in Europe? invented by the biggest brains in economy. economists, stock pickers, pundits of all sorts are "for amusement only- please no gambling". some how it's down to the little guy to run a business, make some money and wade thru all the bullzhite (or Bushit, if you prefer). pull up the chart for Halliburton (HAL) and notice the priceline for the years former CEO Cheney was running the country and the war. buying some HAL was kind of a nobrainer.
long story short, don't worry about politics(unless you have the bucks to buy some)-- just worry about the deal.

[muggsy]

You can't pay a man more than his time is worth and stay in business. Minimum wage jobs are entry level jobs and were never meant to provide a living wage. Liberals love raising the minimum wage no matter whom it hurts, because most union wages are tied to the minimum wage and unions endorse liberal socialist democrats in elections. Raise the minimum wage and union wages go up as well. You don't help the lower class by pricing them out of a job. How much would you be willing to pay for a McDonald's hamburger?

[marcinstl]

" union wages are tied to the minimum wage and unions endorse liberal socialist democrats in elections..."
that's because the unions know which side of the bread the butter is on. (pity the poor non-union slunk- no diesel truck, no bassboat, no gun collection, no butter.)
I get a kick out of these crazy old retired people living off Soc. Sec., medicare, pensions, tax breaks for the elderly, social programs for the elderly-- and then putting on some ridiculous costume, grabbing their flag and voting for this Koch Bros. funded fantasy called the Tea Party. Whipped into a frenzy by the 700 club and fox cable news, they clutch their guns behind locked doors waiting for their worst fear-- a gay Mexican who wants an abortion. Yikes!

[knkali]

EXACTLY --- the laws of market equilibrium are strong and natural. They just happen. But if you mess with them, the result is ALWAYS bad. To your point: markets are complicated. That's why they cannot be manipulated by some government controller or overseer. That's why the Russian socialist experiment failed. That's why, as the US moves toward socialism, our economy is doomed to fail also. Leave them alone and markets will always fix themselves in the long run = move to the best possible balance for everyone. Key word there is "balance".

I love you.(insert smile face or some other joking emoticon)

[downtownv]

Yes! Well stated! I have been searching for those words for a long time. Thanks!

http://www.ebay.com/itm/CONSTITUTION...5fe034&vxp=mtr