Originally Posted by Handsome Rob
The market should determine salaries/wages. If I'm an employer struggling in the economy and want to hire someone to help out for $3/hour, I should be able to. And, if no one will work for so little, then my options are to 1) not hire anyone or 2) raise the hourly wage I'm willing to pay.
If someone will work for $3/hour, why shouldn't they be allowed to? What happened to liberty?
It also reduces costs and prices.
I was reading an article how, from the 50's during the 80's, you could live on minimum wage. Not a fantastic living, but a fair one. Rent cost less than 2 weeks pay the entire time, and got really good during the 70's when the cots of rent and gas dropped way down (compared to the 60's).
I don't think having a higher minimum wage is a solution (we've raised it more in in the last 2 decades than in the previous 4). I think the problem is that we've been systematically reducing competition in the marketplace.
If there's no competition, then there's no pressure for companies to keep prices low because they know they're not going to lose (many) customers. It also means less jobs, and makes it harder for employees to leave companies that treat them badly for better conditions and/or pay.
It also doesn't help that there's huge resistance to foreign trade and insistence that everything be done in the US because "'Merican jobs!". When, to put it simply, there aren't enough jobs because we don't need that many to support the current US population. But there are literally billions of undeserved people on this planet we could be using to grow our economy, but don't because that requires trade, and trade is somehow bad unless we're the only ones doing it.