Debate House Prices
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Are the minimum wage increases enough?
in Debate House Prices & the Economy
80 replies 2.1K views
Former_MSE_Guy Former MSE
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Extreme low pay won't help the economy in the long run - the Fords and FDR brought the US out of the Depression with a rise in wages (and inflation, and the war).
Personally I am glad there was at least a nominal raise to the NMW. It shows an intent. This was one of the better stories out of westminster this week.
I would assert that by putting the cash into the pockets of lower paid is one of the quicker ways to stimulate the local economy. By increasing their spending power, it will benefit local shops etc - the lower paid are less likely to go off on extravagant shopping trips far away etc. This will allow them to maintain their spending, & they'll do this near to where they live, boosting the income of shopkeekers & keeping fellow locals in jobs. And the circle goes on...
Whilst the raise isn't massive, at least it is something. Every penny counts. There will be some who will acknowledge the use of an extra couple of quid each week.
This is also a fallacy for a ususally intelligent poster. The masses of redundancies line has been spouted ever since the NMW was proposed, & never happened.
:rotfl:Congratulations! I believe that's the biggest piece of uninformed bulls**t I have ever read on this board. Can only shake my head about this statement... :rolleyes:
Unfortunately. many of those on minimum wage have it topped up by tax credits, which will reduce as the wages go up, so no real difference for many, personally i disagree with a minimum wage, as it is a way for employers to keep wages low knowing that the state will subsidise his workforce, although the only option would be to increase the minimum wage to a level that meant there were no tax credits (so contradicting myself)