Economics: Minimum Wage, Who Gets Hurt?

[DBTrek]

Smart people could simply look at the inverse of the question and ask “How many businesses could sustain themselves by paying workers exactly the ‘value’ of their end product, or more?”

None.
No business can pay it’s workers an amount equal to its gross profits to compensate them “fairly” for their labor “value”. Operating costs would force them into bankruptcy. All of them.

So they question is trash. It’s an indoctrination technique, not an actual economic puzzle.

[SuburbanFarmer]

Sounds like both extremes have been explored, I suppose that’s a start.

So, who is a business going to sell consumer goods to, if the workers can’t afford them? What if you ended up with a whole society that couldn’t afford enough consumer goods to keep businesses profitable?

The answers are already showing up. Credit and Waste.

Now look at the state of our economy. Strung out on credit, money printed daily, and debt now surpasses real wealth hundreds of times over.

[DBTrek]

So, who is a business going to sell consumer goods to, if the workers can’t afford them? What if you ended up with a whole society that couldn’t afford enough consumer goods to keep businesses profitable?

Dude ... this is ridiculous. All workers don’t have identical incomes, all products/services aren’t intended for single-income workers.

Business that have no customers fail.
Workers who put together M1Abrams tanks but can’t buy one aren’t suffering.

There is no economic problem here. There’s just generalizations and hand-waving intended to distort your thinking into a communist ideology.

“By Jove, comrade, none of day laborers can buy the five star hotel they’re building on the beach. This injustice must be addressed!”

“But ... no single person can buy the beach hotel. It’s owned by an investment group”

“Comissar, shoot that kulak”

[SuburbanFarmer]

So, who is a business going to sell consumer goods to, if the workers can’t afford them? What if you ended up with a whole society that couldn’t afford enough consumer goods to keep businesses profitable?

Dude ... this is ridiculous. All workers don’t have identical incomes, all products/services aren’t intended for single-income workers.

Business that have no customers fail.
Workers who put together M1Abrams tanks but can’t buy one aren’t suffering.

There is no economic problem here. There’s just generalizations and hand-waving intended to distort your thinking into a communist ideology.

“By Jove, comrade, none of day laborers can buy the five star hotel they’re building on the beach. This injustice must be addressed!”

“But ... no single person can buy the beach hotel. It’s owned by an investment group”

“Comissar, shoot that kulak”

I suppose there’s merit to your argument in the luxury/exotic goods market. But I’ll just bet you already know how much of the economy that covers.

[The Conservative]

The polite term is "coolie."

I thought it was Millennial.

[heydaralon]

The polite term is "coolie."

I thought it was Millennial.

Nothing polite about that one. Can't think of a worse insult tbh

[SuburbanFarmer]

Only a fool would argue for workers to receive 100% of the value that they produce. But what do you suppose is the marginal value of labor right now?

Hint: it ain’t 100%.

[The Conservative]

The polite term is "coolie."

I thought it was Millennial.

Nothing polite about that one. Can't think of a worse insult tbh

If you are dumb enough to work at a job that you volunteered for and complain later about how you are forced to work for an income you agreed to, I think that's an apt description. Either that or SJW cuck.

[The Conservative]

Only a fool would argue for workers to receive 100% of the value that they produce. But what do you suppose is the marginal value of labor right now?

Hint: it ain’t 100%.

And only a fool would work for less than what they are worth long term.

[nmoore63]

I would never hire someone if they couldn't create more value than they cost.