Originally Posted by Gozarian

It is undeniable that after you raise minimum wage, costs of production will increase, particularly for small business. Any profit-maximizing employer will take this into account when he decides to expand, if he does so at all. So you may not see a high rate of job losses, but neither will you see a high rate of job creation for the unskilled, arguably those who need jobs the most.

Laws that restrict or stipulate the terms of voluntary employment contracts choke off economic progress and make life harder for everyone - even moreos for those for whom the laws purport to help. Outlawing employment below a certain wage, ensures that no one works for less than what bureaucrats consider a ?living wage?.

In economic terms, which many of you obviously never studied, an employer cant pay an employee more than that employee?s discounted marginal revenue product; their contribution to revenue. If an employee generates $22 of revenue for every hour, their employer will not pay them more than $22 per hour. Otherwise, their contributions would amount to a net loss. Employers cannot simply raise every employee?s wages without regard for the employee?s marginal revenue product. All employees who cant generate more revenue per hour than the minimum wage are laid off.

If Elizabeth Warren raises the paper hat guy?s pay to $22 per hour he wont be wearing a paper hat very long thus many of you will be unemployed if she has her way.

For Warren and many of you, economic law, small business, and market forces are not important. What matters is cognitive resonance, feeling like workers are paid as much as you think they deserve, all the while refusing to acknowledge that wages are market prices determined by supply and demand. There is no way around the fact that increasing the price of a good or service decreases the quantity demanded of that good or service.

Anyway, everyone is forgetting Congress' intent for setting the minimum wage. The number is not important. What is important is whether you support a minimum wage. If you do, you appear to support the little guy (while fucking him in the ass). If you don't, you are a greedy fucking pig.

If free competition and non-monopolized markets are what you favor, the minimum wage should not be raised but abolished.