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Reply to "Minimum Wage = Living Wage?"
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[quote=Anonymous][quote=Anonymous]how would the government control the prices of everything else if the minimum is increased to living? Wouldn't living then become the minimum and low again?[/quote] The argument I've seen is that while wage increases do exert pricing pressures, it's not a 1-to-1 reaction. Costs of goods and services would increase, but not as much as the wages did. So a 40K salary under a living wage required society wouldn't be worth as much as a 40K salary under a smaller-minimum required society, but it wouldn't be a 0-sum increase either. You've hit another part of the question. What should a minimum salary buy? If I can rent shared housing, eat beans and rice, and make it to the cheap clinic, is that sufficient? Or do we think we people in our society should have a higher standard of living than that?[/quote]
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