what would be the result of abolishing minimum wage?

Let's say O'Reilly makes $10 Million a year. That's $3.5 Million in Federal tax and about another $800,000 in state income tax.

If he quits because tax = 100% > $1 Million, EVRERYBODY LOSES.

Stupid notion.
 
Quote from Scataphagos:

Let's say O'Reilly makes $10 Million a year. That's $3.5 Million in Federal tax and about another $800,000 in state income tax.

If he quits because tax = 100% > $1 Million, EVRERYBODY LOSES.

Stupid notion.
More...
well not really, if he quits someone may take his place that I would watch, and if I liked it I would be a winner.

But I doubt that is very likely. I always watch Judge Napalitano on FBN at that time slot.

Then Rachel Madow at 9 and what ever at 10 and John Stewert at 11 and Colbert at 11:30 and then just about anything until 6 am when I watch CNBC until Cramer comes on then I switch to Bloomberg.

But thanks for asking.
 
Here is my thoughts on minimum wage. A large corporation shouldn't have an unfair advantage when it comes to business. Corporations like walmart can buy supplies for much cheaper than local businesses. Not to mention that suppliers ship to small businesses last. So at the very least, if you have a business with less than 20 employees, you should be able to pay less than minimum wage. A large corporation that sucks up the best deals because they can buy in bulk and leaves no orders for the little guys should not have another advantage with wages.

Also, if there was no minimum wage, I believe so many people would become dissatisfied that they would actually become creative again and create products which would then in turn create more jobs.
 
There currently is a situation where you can pay less than minimum wage legally. Start your own business, very quickly you'll find your self earning pennies a day. Considering the time filling out uselss gov't forms complying with regulations, etc.
 
Quote from nutmeg:

There currently is a situation where you can pay less than minimum wage legally. Start your own business, very quickly you'll find your self earning pennies a day. Considering the time filling out uselss gov't forms complying with regulations, etc.
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pelite makes a point, all the breaks are for big corp. Imagine a world were in states with sales tax small ( less than 20 employees) were exemp. and exemp from a lot of other regulations also. Can you imgaine how Walmart would bitch? and it wouldn't even hurt them, they'd still be living by all the laws they paid bribes to get.

I'm a libertarian, but if you're going to screw with things, why not screw with them for the little business owner? Not the poor, not the rich, not the factory worker, just the true little guy with a small business with 20 employees.
 
Quote from Scataphagos:

Let's say O'Reilly makes $10 Million a year. That's $3.5 Million in Federal tax and about another $800,000 in state income tax.

If he quits because tax = 100% > $1 Million, EVRERYBODY LOSES.

Stupid notion.
More...

Yes of course. Because the money they were going to pay him does magically disappear.
 
Quote from lighnintrade:

Yes of course. Because the money they were going to pay him does magically disappear.
More...

*cough cough*

It does if you are a central bank :D
 
It's very simple what would happen. In fact it would be one of two things.

If the equilibrium point is greater than minimum wage then nothing would happen

If the equilibrium point is below the minimum wage then this entire time we had a surplus of labor and abolishing the minimum wage would lower the average wages paid and increase jobs
 
I think there would be very little effect in most places in the US. Only 6 percent of workers earn at or below the fed minimum wage, near any big city the market wage is going to be at or above it anyway. Maybe it makes more of a difference in states like California with higher minimums (CA is $10 iirc).

IMO the big source of unemployment at this time is not wage rates but skills mismatch.
 
Quote from Specterx:

I think there would be very little effect in most places in the US. Only 6 percent of workers earn at or below the fed minimum wage, near any big city the market wage is going to be at or above it anyway. Maybe it makes more of a difference in states like California with higher minimums (CA is $10 iirc).

IMO the big source of unemployment at this time is not wage rates but skills mismatch.
More...

I've been thinking that the minimum wage is like a blue book value. Blue book value does not determine the actual value (selling price) of a car, but it is a guide; a starting point for negotiations. I think most jobs (hourly jobs anyways) are loosely based on minimum wage; in that, the difference between the agreed upon wage and minimum wage is what people consider. An ASE certified automotive technician would not take a job for 9$/hr because it's not high enough above minimum wage. it would not be worth his time to go through the training to earn 2$ more per hour. So in this way, I think that minimum wage is a "crutch" that holds up all the other wages. If minimum wage were taken away and people started working for 4$ per hour, then 9$ per hour for an ASE certified automotive technician would start to be an incentive to take some automotive courses. I think that removing the minimum wage would work it's way up the ranks, lowering everybody's wages eventually. Just a thought, from a layman.
 
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