Mitt Romney Mitt Romney: Minimum Wage Should Rise With Inflation

[Travlyr]

They just turned up the min wage in montana... and my hours got cut in half... Im making like 30 cents more an hour and working half as much time... yay for minimum wage... er hmmmm.

This is why it is so important to learn the fundamentals of sound money. Rothbard talks about it in "The Mystery of Banking." Ron Paul talks about it in "Gold, Peace, and Prosperity"

 

[Cutlerzzz]

Mises, Rothbard, and Paul all advocated for society to use real money. In a sound money environment I am against minimum wage laws too.

And all of them fought against price controls.

Except if McDonalds lobbied for TARP money and gets it, then they can afford more employees and higher wages without increasing productivity.

If you are friends with the money printer, then you don't have to. For example, the military industrial complex is destructive, but they have plenty of money.


Not if the boss can print money at will.

My boss cannot print money. Very few boss's can. If he could just print money, he would not even bother hiring anyone. He would just print what he needs.

Having a job is not the goal. The goal is to be prosperous enough to enjoy life. Sound money principles as taught by Rothbard in "The Mystery of Banking" will provide opportunity for individuals.

One of the easiest ways to prosperity is to get a job.

 

[The Free Hornet]

This is why it is so important to learn the fundamentals of sound money. Rothbard talks about it in "The Mystery of Banking." Ron Paul talks about it in "Gold, Peace, and Prosperity"

+1 to bolil. Travlyr, are you disregarding the negative impact of these minimum wage increases on the very people it is supposed to help? Sound money is not the issue here. Just because we don't have sound money doesn't mean you can be obstinate on other issues. Minimum wage laws hurt the "servants" in your example. It causes the lower end of wage spectrum a disproportionate amount of pain. You empower the elite by raising the minimum wage.

 

[Travlyr]

+1 to bolil. Travlyr, are you disregarding the negative impact of these minimum wage increases on the very people it is supposed to help? Sound money is not the issue here. Just because we don't have sound money doesn't mean you can be obstinate on other issues. Minimum wage laws hurt the "servants" in your example. It causes the lower end of wage spectrum a disproportionate amount of pain. You empower the elite by raising the minimum wage.

I disagree, but then again I'm not in charge so this is only for debate purposes. I am the only sound money guy arguing for increasing the minimum wage because I would not argue for it if our money was real, indeed I would argue vehemently against it.

Keynesians talk about velocity of money. In a fiat money system spending is king. The more money that rains on the economy the more vibrant it becomes. If minimum wages were at $30.00 today, then there would be a lot more velocity of money circulating. Keep in mind that some people have $billions and others have $trillions. "Helicopter Ben" The problem then becomes rapid inflation ... that's why they don't do it.

 

[bolil]

further more, it seems jacking up the minimum wage will CONTRIBUTE to inflation... am I wrong here?

 

[Seth]

further more, it seems jacking up the minimum wage will CONTRIBUTE to inflation... am I wrong here?

Inflation is simply an increase in the money supply. What minimum wage laws do is destroy all the jobs that would be available under that wage.

 

[Ron Paul 2012]

A more important question: Will he change his mind and contradict himself in 5 months?

http://www.mittvmitt.com/

 

[Travlyr]

Inflation is simply an increase in the money supply. What minimum wage laws do is destroy all the jobs that would be available under that wage.

Serious question. Under the current system, how would this apply to the military? Or any government job?

 

[rambone]

Romney’s minimum wage proposal sparks conservative backlash

Mitt Romney's position on the minimum wage has some on the right sounding the alarm about his candidacy--and it could expose a dangerous fault line between Romney and some of the Republican Party's most reliable backers.

Romney said last week that he supports regular increases in the minimum wage to keep pace with inflation, a position he took as a candidate for president in 2008. Six years before that, as a candidate for Massachusetts governor, Romney supported linking automatic increases in the state's minimum wage to inflation. "I haven't changed my thoughts on that," he told reporters.

Indexing the minimum wage to inflation is a goal of many labor-backed groups and liberal Democrats, who say it would help millions of working people. In recent years, Republicans, backed by their allies in the business community, have opposed such efforts, arguing that raising the minimum wage would reduce employment. Some on the right have come out against the very concept of a minimum wage.

Romney's comments have caused concern among conservatives inside and outside the party.