One thing I don't fully understand is why the equilibrium for the demand/supply of labor is not enough to live on. Why does the hiring party get to be more picky (and thus pay less) among potential employees, while employees get to be much less picky in their job? Some theories:
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Our minimum acceptable living standards seem to rise with wealth. This could be the explanation.
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Well that's due to the guise that raising the minimum wage does anything beneficial
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As wages increase, cost proportionally increase, nothing is gained only uses bigger numbers now. What does happen, is that people that made more than the minimum yet less than the new minimum now make the minimum and now the pool of people making minimum wage is bigger
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Housing is finite and costs more than it used to. Raising the minimum wage alone isn't going to fix this; the bigger issue isn't that the minimum wage is "too small" it's the cost of many basic essential needs have exploded and negatively affect those with the least, the most.
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One huge problem on the end of the lowest earners is they used to be able to "do most things right" and could still save money, get a mortgage, get higher or trade education while renting and working their low wage jobs. That's not possible now for the majority of these earners.
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Try to understand that the employer always has the power so without a minimum wage the rich would just say, "I'm paying $0.10 an hour, you don't like it, starve to death." And some wouldn't take it, but some would, because $0.80 a day is better than nothing, like before the MW.
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Should income tax be considered?
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Low equilibriums are due to the marginal product of unskilled labor given current levels capital; competition between laborers drives the price of labor towards its marginal product. If you suspect that labor is undervalued, then I’d suggest starting a business.
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Macroeconomic policy and protectionist measures of certain fields. Economists thought employment couldn’t fall below 5% and would raise rates to fend off inflation. Also did not consider targeting a higher rate of inflation. http://cepr.net/blogs/beat-the-press/low-unemployment-the-recipe-for-higher-wages …
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Certain fields have bargaining power and can protect their incomes from competition. Low wage workers don’t receive the same perks.https://www.politico.com/agenda/story/2017/10/25/doctors-salaries-pay-disparities-000557 …
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