Minimum wage laws are a bad thing.It's impossible to remain competitive in a world economy when goods with relatively light capital demands and corresponding high labor costs can be produced far cheaper in China and India where there is a huge surplus of labor. If you want labor to stop being outsourced to third world countries, then abolish the minimum wage. 'But it's not a LIVING WAGE' is a meme. Without a minimum wage we can produce things in North America competitively and let us end up with overall cheaper items for consumers. Tariffs will just lag us behind the world economy.
>>524416265Minimum wage = minimum cost of living = indigenous people's culture not respected.
>>524416265Why bother? In 10 years we're going to have teslabots doing all the work anyway.
>>524416265>Make shit cheaper elsewhere>Prices still increase>Profits still growThis is the problem. If it were>Cheap labor>Prices stay low>Profits increaseI'm fine.If it was>Cheap labor>Prices increase>Profits unchangedI'd still be fine as it shows that economic inflation is just fucking over everybody.>Cheap labor>Prices increase>Profits growThere is no way to square that without it blatantly fucking over the consumer and the working class to make shareholders happy.
>>524416538Unnecessarily high profits are just begging for a competitor to come in and be able to do the exact same thing, accept a lower profit margin, and attract far more business because the final product is cheaper, thereby decreasing the overall profit of the former. Economies of scale promotes a lower profit and with other factors a decrease of price per item, while still entailing overall higher sales numbers.
