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Claims that a minimum wage does not lead to unemployment are misleading. If the minimum wage were $100 per hour, obviously there would be rampant unemployment, and the economy would be in shambles, while if the minimum wage were at $1 per hour, there would be no effect at all. Will a mandatory $7.25 per hour result in lost jobs? Maybe, maybe not. Either way though, no economist or government agency can accurately measure the lost opportunity that comes with a government-imposed wage, for there is no way to predict how many businesses were never even formed on account of high labor costs. If you make something more expensive (including labor), there will be less demand for it. There is no free lunch.
Simply saying that the job growth levels are higher in some states that have a high minimum wage doesn't prove anything. The job growth levels could be even higher without the minimum wage. And saying that businesses benefit by paying their workers more and securing those workers' loyalty doesn't even make sense. If it really were a benefit, why wouldn't businesses just pay the workers more? In fact, loyalty is one of the last things you want in a minimum wage job because after a while even a minimum wage worker will want a raise. In jobs like fast food you want high turnover to keep labor costs down.
QuoteI predict this thread dies in less than a week because so few people on LSD will admit to appying to T2 schools.
And yet the T3/T4 thread is pretty popular.
Indeed. Yet there are surprisingly few *average joes* on the board.