No, the cost of living would just increase.
Good Idea...so crazy it just might work hahahah
YES End poverty in China for sure
Massive Inflation! A McDouble would cost like $15.
I think we should just get rid of money. It was all right in the old days when you either had a bit of gold or you didn't, but now it's so complicated that it's more of a nuisance than it's worth. It's only the bosses trying to look important.
It would be the worst possible thing to happen. It would not end poverty, just cause more problems. We need to stimulate small businesses, not penalize them.
End of jobs. Massive poverty.
They'd probably raise the tax, price of food and normal expenses. So it'll make not much difference.
Inflation would happen.
lotta people would be gettin' overpaid
No, the cost of products would go up and our money would be devalued.
Saudi Arabia... Lol!!
Everything would just cost that much more. Same thing, only different.
Our economy would ****** explode
A lot of employers wouldn't be able to afford it and would go out of business.
no everything would be priced sky high and there'd be a new level of poverty!
Oh look everybody, it's a self-righteous Von Mises/Rothbard freak trying to make an absurdist argument about inflation because they're hoping the average person doesn't know enough about economics to shoot a million holes through their Libertarian talking points!
No one's advocating raising the minimum wage to $50 an hour, which is actually a rate that exceeds most Americans average hourly wages, so massive inflation would be inevitable at that pay-rate. However, the next step in your argument, where you try to use that introduction as a means of introducing an argument that increasing the minimum wage for fast food workers will also lead to hyper-inflation and economic collapse (I'm wondering if you'll have the balls to admit that's where you were going or if you're going to try to lie and say that's not it.) is based on misinformation, as the primary driver of inflation in the US economy over the last 30 years have been the earnings expectations of activist investors, and not labor costs. Also, the massive increase in productivity that's resulted from automation in the service industry means that wages are actually a far smaller component of business costs than they've ever been since the dawn of the Industrial Revolution.
Job loss is not a rational fear, as firms already use automation and efficiency studies to maximize productivity, and cutting back on employees would result in greater financial losses than paying added costs for labor would. Also, as I said, the primary driver of inflation has been the earnings expectations of activist investors -a group that includes the wealthiest 1% of Americans who control over 40% of our national wealth- NOT the earnings of minimum wage employees - whose total earnings represent less than 0.5% of all wages paid out in the economy each year.
Automation is an evolutionary process and humans are only used in jobs that cannot be done as well or better by a machine. The "petty jobs" you refer to no longer exist for the most part, and where they do exist it's because there's legislation requiring gas be pumped by an attendant, or unpaid student ushers guide you to your seat. Your argument is based on out-dated ideas of work and naive precepts. I'm curious, do you Austrian types know that you're lying, or do you all just take ****-poor economics classes that don't mention anything about Operations Research or the culture of Work in an economy?
Actually a small increase would not cause massive inflation, however a serious increase to minimum wage (i.e. $50 per hour), would cause massive inflation, numerous business failures and the American dollar would be more worthless than it is already. The US has never seen a jump like that in minimum wage increases so there is no reference to what would happen, however logic tells us that the cost of goods would increase. you should be aware that money is just paper (silk actually) unless there is collateral to back it. THAT is what causes inflation. We would be worth no more, yet we would be paying out more and spending more...inflation. You can throw facts about past inflation but that's comparing apples to oranges when you're talking about a $42 an hour pay raise for ALL employed Americans.
Everything you've just said was implied in my comments above, right after plunge asked me to "enlighten" him. Look up in the conversation and you'll see where I said "No one's advocating raising the minimum wage to $50 an hour, which is actually a rate that exceeds most Americans average hourly wages, so massive inflation would be inevitable at that pay-rate."
The conversation's moved on to how plunge attempted to use an absurdist statement to push an Austrian economic agenda and attack Fast Food workers.
And unfortunately people who do not understand economic processes vote on new laws...pity.
Sorry took me a while to type that...
A box of cornflakes your cost $10
Gee. What a brilliantly transparent question from a Tea Party moron trying to make a ludicrous point with a stupid analogy.
take a course in economics and don't waste my time or anyone else's.
I have argued many times with Tea party idiots. It's pointless. Any answer I give will be treated with disdain. It just isn't worth it. Enjoy your life.