Econ 101: not that it should be the government's business what people are paid by private corporations, but too many people are looking at the minimum wage debate all wrong. They aren't considering the basic economic reason behind wages. By economic definition, wages are the price of labor, and like with other prices, they are a function of supply and demand as well as productivity, ability, etc. (see HERE)
In short, wages are the VOLUNTARY exchange rate for product and services supplied to employers by employees.
Optimally, the greater the market value supplied by the employee, the greater the wage. This is why, generally, brain surgeons are paid more than paper delivery boys.
Minimum wage laws turn this basic and sound economic principle on its head, and arbitrarily sets the minimum price of labor based not on value produced--i.e. paying people what they are worth, but on perceived needs and some distorted notion of fairness..
To see just how inane this is, consider were the government to set and arbitrarily raise minimums on other prices such as for produce, and this on the basis of assuring farmers need a living profit. What would you think were the government to set the minimum price for all produce at $4 lbs, making bananas equal in value to Braeburn apples and Granny the same price as Honeycrisp. Would you buy watermelon at $4 lbs.?.
In principle, the same occurs with the minimum wage. :With the $15 minimum wage, certain laborers who provide some life saving services will be paid the same as someone flipping burgers. (see HERE) See also: Minimum Wage Hypocrisy, Obama vs Democrat Candidates, Minimum Wage - Leftist LUNCs
Is this "fair"?
Consequently:
See also HERE and HERE and HERE and HERE
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