... One possible reason why many economists seem to baulk at this idea is that it reminds them too much of the ‘bad old days’ of incomes policies and attempts by governments to fix ‘fair wages’.

5 Developed Countries without Minimum Wages.

A maximum wage, also often called a wage ceiling, is a legal limit on how much income an individual can earn.

The polls reflect this understanding -- a 'raise' seems to be the perfect servant of social mobility. A benefit without hard cost. That’s why two out of three Americans support raising it to $10 an hour. Minimum wage is supposed to help poor people. A minimum wage is a legal minimum for workers. Supporters of this movement argue that the current minimum wage is too low to allow workers to make ends meet. Moreover, the minimum wage in the U.S. is well below that of other advanced countries. The not-so-obvious: minimum wage jobs are usually low skilled jobs. As of Feb. 13, 2020, the federal minimum wage is $7.25, and 30 times that is $217.50. Small business owners will bear the impact of the increase, they will either: A. California’s minimum wage law is the latest and largest victory in a powerful movement pushing for higher minimum wages across the United States. Not defending capitalism but looking at a bigger picture, the minimum wage is not bad or good but just a price point, raising it solves nothing but raising prices. Updated Aug 5, 2015. In 2008, economists  David Neumark and William L. Wascher  surveyed two decades of research into the effects of minimum wage laws. It works best if wages … Employers might hire fewer workers in entry-level jobs, which might make it harder for workers to begin their careers. But as any logician knows, public support for an idea doesn’t make it true. Rogan allowed Schiff to make his case against the minimum wage, and he did a … CNN columnist John D. Sutter has smartly suggested a maximum wage set at 100 times the federal minimum wage of $7.25 an hour (or $15,080 a year … And that’s probably why President Obama, during his State of the Union Address last Tuesday, called for raising it by more than 20 percent. But this is an overreaction, as a maximum wage would just be the counterpart to the minimum wage. Greedy executives, in Maher’s scenario, are robbing the worker and seizing more than their fair share.   Subtract $217.50 from your total weekly wages … They should definitely make a livable wage, but $15 per hour as a blanket minimum wage across the country is a terrible idea. It means workers are guaranteed a certain hourly wage – helping to reduce relative poverty. There is much debate in the United States about the minimum wage. Another reason most economists oppose a $15 federal minimum wage is that the balance of empirical evidence suggests minimum wage hikes fail to achieve the policy goals they are intended to. Peter Schiff made an appearance on the Joe Rogan Podcast last week. If minimum wages, why not maximum wages? What we do need instead is a maximum wage ceiling but all that would do also is chase way entrepreneurs and talent away from the country when they become successful. Living on the minimum wage is anything but easy. Economics suggests the minimum wage is a bad idea. This raises tax revenue for the government which can be used to … share tweet email print download. However, a minimum wage could have potential disadvantages – in particular, there is the risk of creating unemployment as firms cannot afford to employ workers. It is a prescribed limitation which can be used to affect change in an economic structure, but its effects are unrelated to those of minimum wage laws used currently by some states to enforce minimum earnings. Here’s their quote from Texas Senator Ted Cruz in 2016: “I think the minimum wage systematically hurts the most vulnerable.” These sentiments are entirely consistent with the fact-based case against a higher minimum wage, which is that it destroys job opportunities for the least-skilled employees–not that it destroys entire economies. The job market, according to elementary economics, is like any other market. For example, if you make $800 per week after taxes and other qualifying deductions, your maximum wage garnishment would be $200. It's bad for the US It is simply wrong to increase the minimum wage. FACEBOOK TWITTER LINKEDIN By Claire Boyte-White. The President is again pivoting back to the economy by launching a series of trips on his economic plans, a focus of which will be raising the minimum wage from the current $7.25 an …