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Originally posted by Hwed
cthulu, I'd ask for some of what you're smoking, but if it's going to make me that gloomy, I'll pass. 
Against it. Minimum wage is a completely arbitrary number. If you increase it, markets quickly adjust to compensate and return everything to equilibrium, with the exception of some irreversible inflation, the weakening of the dollar in international currency markets, and a likely bump in interest rates.
If you want to improve quality of life, you need to increase the demand for goods and services produced by workers across the spectrum. Encouraging investment and allowing people to keep more of their money is a good start.
People gripe about tax cuts for the rich (if you define rich as a married couple making $100k a year, like the Democrats do), but the fact is that excess wealth in the hands of the upper 50% does a tremendous amount to stimulate and grow the economy in the long term.
If a low-end wage earner is given more disposable income, that worker is very likely to spend most of it on consumable goods. No new investment, no new jobs.
On the other hand, middle- and upper-class workers will spend excess disposable income on two things: consumables AND investment. This newly spurred investment funds new business opportunities, creating jobs and giving those low end workers a chance to move up the scale.
John Kerry is an airhead, not to mention a gigolo who has never worked a day in his life, marrying wealth to live a life of privilege.. He pays $1000 for a haircut. This man is so disconnected from people who work hard for a living it's sad.
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Weeee, that same logic was used in the past to pay workers just enough to keep them alive. The Iron Law of Wages is an attempt to keep workers in the depths of poverty, and to give those who control the means of production a permanent lock on wealth. Increased consumer spending drives the market. (notice the period at the end of that sentence) If you pay the poor higher real wages, they can consume more and investment and new job will happen. On that note, supply-side economics are a horrible joke on the poor by the wealthy.
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I'm leaving for the University of California: Santa Barbara in 5 hours, give me your best college advice - things I need, good ideas, bad ideas, nooky, ect.
Originally Posted by Norseman on another forum:
"Yeah, the problem with the world is the stupid people are all cocksure of themselves and the intellectuals are full of doubt."
Last edited by nanofever; 06-21-2004 at 07:15 PM..
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