It's a statistical fact that a mandatory minimum wage contributes to unemployment. It's also known that increasing minimum wages increases prices for goods and services; hence, the anecdote regarding the "carrot on a stick" applies. Regardless of how many steps (minimum wage increases) are taken towards the desired goal, the net result is that the goal is kept beyond reach by those very same steps.Pretty good damned simplistic, IBIdiot. But if you use Coke as your measuring stick... Does that make it a statistical fact?
In 1955 the first Federal minimum wage was set at 75ȼ per hour and a six ounce bottle of Coca Cola costs 5ȼ. Today, the Federal minimum wage is set at $7.25, and a twenty ounce Coca Cola costs $1.60. The increase in minimum wage is approximately ten fold, and the increase in the cost of a Coca Cola is also approximately ten fold. This is but one example of how a mandatory minimum wage has not changed real purchasing power. The carrot is still at the end of the stick; hence, it ain't any closer! Originally Posted by I B Hankering
Howzabout a link to something a little more reliable than you?