Re:A majority of millennials now reject capitalism, poll shows
by oconnore on Tuesday February 28, 2017 @10:31PM
(#13760811)
Blaming wage stickiness relative to prices is different than blaming inflation. And, outside unions and jobs with competitive labor markets, the best advocate for wage un-stickiness many workers have is government involvement via the minimum wage.
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Re:A majority of millennials now reject capitalism, poll shows
by WillPostForFood on Tuesday February 28, 2017 @11:32PM
(#13761135)
96% of hourly workers already earn more than minimum wage, so it shouldn't be the first place to look at improving wage stickiness. Start with the cost of employment, primarily health care, which has sucked up a lot of money that should have gone to wage increases.
Re:A majority of millennials now reject capitalism, poll shows
by oconnore on Tuesday February 28, 2017 @11:57PM
(#13761280)
Minimum wage sets a floor which affects wages close to it, too.
Re:A majority of millennials now reject capitalism, poll shows
by WillPostForFood on Wednesday March 01, 2017 @12:53AM
(#13761542)
Let me try a different tack. Wages used to go up without relying on minimum wage. Wages have flattened, so there are a bunch of other issues that should be looked at before just forcing wages up, which can have all sorts of unintended consequences, especially if the real reasons wages are flat aren't addressed first.
Re:A majority of millennials now reject capitalism, poll shows
by oconnore on Wednesday March 01, 2017 @01:19AM
(#13761671)
You're right. Raising or lowering minimum wage purchasing power is worthy of caution, but having minimum wage track inflation is an economic no-op, not a shift in policy.
Re:A majority of millennials now reject capitalism, poll shows
by dnautics on Wednesday March 01, 2017 @02:31AM
(#13762014)
it's not an economic no-op, because then the fight begins over who gets to measure inflation. Moreover, if the tracking isn't continuous (which it can't possibly be), during the 'between periods' there's wage devaluation which disproportionately affect the poor.
The WHOLE POINT of inflation is that it screws over wageearners:
https://krugman.blogs.nytimes.com/2010/02/13/the-case-for-hi...
"even in the long run, it’s really, really hard to cut nominal wages. Yet when you have very low inflation, getting relative wages right would require that a significant number of workers take wage cuts. So having a somewhat higher inflation rate would lead to lower unemployment, not just temporarily, but on a sustained basis."
Re:A majority of millennials now reject capitalism, poll shows
by heurist on Wednesday March 01, 2017 @01:29AM
(#13761710)
So the choices are wait for the economy to suddenly unfuck itself or give our lowest earners am immediate boost?
Re:A majority of millennials now reject capitalism, poll shows
by WillPostForFood on Wednesday March 01, 2017 @07:10PM
(#13770069)
Turns out there are more than two choices, so no.