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Cut in Minimum Wage
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The_White_Horse wrote: »i have become a lefty. it is marvelous rolling around in my own stupidity. i have solved the whole crisis. instead of cutting the NMW it should be increased to £400 an hour. then, we will ALL be rich. How marvelous.
But then we would have rampant inflation and back to square one."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
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The minimum wage doesn't appear to have been a hindrance though?
As I've already posted the period from 99 to 2007 was probably the most favourable economic period we have every experienced.
The current period seems to have kept wages down but jobs have increased: maybe there is a casual link here.
However, if prices rose because wage rates increased I doubt there would be greater overall economic activity.
In the same way if wage rates were higher I think it would discourage rather than encourage new businesses to open.
Certainly in the current economic climate it would seem unwise to increase the minimum wage.0 -
When the input costs to business rise, then they have to either reduce their profits, increase efficiency, or raise prices.
It really is that simple.
Somebody will lose with any of those options.
The only question is who...“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
The current minimum wage is equivalent to about £12k if you're working 37.5hrs a week. That's an income of £222 per week. There's barely any point in working for less than that because a typical couple, family would be entitled to almost as much in benefits (and gets help in other forms).
The issue in the UK is that a reasonable standard of living can't be afforded on the market wage for no-skilled work. We can try and ignore this by putting in place minimum wages and benefits but that just hides the problem at a cost. Ultimately we need to start expecting people to do work of sufficient value that they can justify a wage that supports a reasonable lifestyle.Having a signature removed for mentioning the removal of a previous signature. Blackwhite bellyfeel double plus good...0 -
This beggars belief. As others have said, if this happens it will just pull more people into benefits. The current situation in this country is insane. Take Barclays for example. Half their employees are eligible for "tax credits", yet they have executives on Multi-million pound salaries. Essentially the tax payer is subsidising executive pay by allowing companies to pay a wage that is below what is needed for basic living.0
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This beggars belief. As others have said, if this happens it will just pull more people into benefits. The current situation in this country is insane. Take Barclays for example. Half their employees are eligible for "tax credits", yet they have executives on Multi-million pound salaries. Essentially the tax payer is subsidising executive pay by allowing companies to pay a wage that is below what is needed for basic living.
Maybe that illustrates the benefits system is absurd.
Will higher minimum wages encourage new businesses to open up?
Higher wages will lead to higher prices; is this the time when people would be indiffeent to higher prices?0 -
Is that the final nail being knocked into the Libdem coffin ?
Minimum wage could be frozen or cut if it starts to cost jobs or damage economy, Government suggestsThe minimum wage for millions of people could have to be capped or frozen in future if it risks damaging jobs or the economy, the Government has said.
http://www.telegraph.co.uk/news/9965039/Minimum-wage-could-be-frozen-or-cut-if-it-starts-to-cost-jobs-or-damage-economy-Government-suggests.html
It sounds pretty sensible to me. Surely you wouldn't increase the minimum wage if you thought it would wreck the economy...? It seems a bit mental to do that.
"Sorry chaps, I'm going to pass a law that will make loads of people jobless but a lucky few will get a pay rise, look on the bright side".0 -
It sounds pretty sensible to me. Surely you wouldn't increase the minimum wage if you thought it would wreck the economy...? It seems a bit mental to do that.
"Sorry chaps, I'm going to pass a law that will make loads of people jobless but a lucky few will get a pay rise, look on the bright side".
But if you decrease the minimum wage, you need to decrease benefits along with it, and you know how much bleating goes on if the "vulnerable" get penalised in any way.0
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