Name: The Minimum Wage Debate: Why The Minimum Wage Should Be Abolished
Uploaded: 2021-01-27T04:59:13+00:00
Duration: 31 min 51 s
Description: The minimum wage debate is as hotly debated as that of the argument on healthcare. Why the minimum wage should be abolished is because like all government price controls it is destructive to the econo

4 years ago

The minimum wage debate is as hotly debated as that of the argument on healthcare. Why the minimum wage should be abolished is because like all government price controls it is destructive to the economy. Regardless of what socialists may argue about greed, the laws of supply and demand cannot be argued with.

Another thing to note, employers are not chess pieces on a chessboard, the minimum wage itself is an attempt to control what employers pay out, however, in the real world of economics the employer finds ways around to compensate paying for it. As I've argued, this isn't because of greed, but because an employer must ensure that the value for what he or she is getting is greater than the cost.

The only reason the minimum wage debate still goes on is that socialists reject reality. Despite mountains of historical evidence of the minimum wage resulting in soaring unemployment, inflation and reduction in working hours, socialists persist on trying to argue with reality. There is a good reason for this and that is because they require the minimum wage to push for socialism.

The minimum wage should be abolished because good intentions mean nothing in the face of the dire consequences that have proved time and time again to follow. It must be noted that such consequences may not follow immediately, it may take time, like all policies, one must measure not only the short-term effects but the long-term.

As stated, other factors may influence employment during a specific given year, an example would be large events such as the 2012 London Olympics or the 2014 Glasgow Commonwealth Games.

Second Thought seems to believe that if a company cannot afford to pay out the minimum wage, then they should not be in business, but as I've stated, this is ridiculous and would only result in greater unemployment and raising the bar to make it more difficult to enter the job market for the lower-skilled workers.

• Introduction: (0:00)
• Industrial Revolution Wages: (2:46)
• Industrial Revolution Labour: (5:32)
• The Roosevelt Recession: (8:50)
• Child Labour Law Myth: (9:42)
• Inflation Causation: (10:40)
• Currency Devaluation: (12:56)
• Bretton Woods Gold Suspension: (14:15)
• Supply and Demand: (16:50)
• Denmark Unemployment: (19:00)
• 1960s Soaring Inflation: (22:10)
• 1980s Wage Suppression Myth: (25:10)
• Free Markets Explained: (25:54)
• McDonald's Example: (29:16)
• Conclusion: (30:10)