Re:Dumped orange peel transformed a barren pasture (2017)
by bovermyer on Tuesday September 24, 2024 @03:31PM
(#41640053)
Oh really.
Then tell me, what's the history of the minimum wage, adjusted for inflation, compared to cost of living?
Re:Dumped orange peel transformed a barren pasture (2017)
by ETH_start on Tuesday September 24, 2024 @04:11PM
(#41640405)
The minimum wage is a government imposed price floor, not an average wage.
Re:Dumped orange peel transformed a barren pasture (2017)
by bovermyer on Tuesday September 24, 2024 @08:54PM
(#41642559)
Defend that.
Re:Dumped orange peel transformed a barren pasture (2017)
by ETH_start on Wednesday September 25, 2024 @01:30AM
(#41643968)
I was simply explaining why wages rise automatically, not making any comment on government price floors. But since you ask: there should be no government price floors or caps. The price paid should be based on mutually voluntary agreements.
In the last three decades of the 19th century in the US, wages doubled despite union membership being at historically low levels. The rise in wages was driven by the same process seen globally in every country that has experienced rapidly growing per capita GDP. As companies produce more per worker and compete for a limited pool of labor, they bid higher for workers. This results in greater value, in terms of goods/services, offered to the average worker, which, in monetary terms, translates to higher inflation-adjusted wages.