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Four States Vote to Punish Low-Skilled Workers With Minimum Wage Hikes

Friday, November 18, 2016 20:50
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(Before It's News)

"https://mises.org/sites/default/files/styles/slideshow/public/wages.jpg?itok=t7hYZAHt" />

mises.org /  "http://silveristhenew.com//feed/https://mises.org/profile/ryan-mcmaken"
target="_blank">Ryan McMaken
 / Nov 18,
2016

Last week, a majority of voters "http://www.usatoday.com/story/money/2016/11/09/four-states-ok-minimum-wage-hikes-least-12/93537050/"
target="_blank">in four states approved
new mandated increases
to the statewide minimum wage.

For those workers whose productivity remains above the newly
mandated wages, they will likely keep their jobs and see no change.
However, for teenagers, the poorly educated, and others with
few skills, the new higher wage will price them out of a job.

In the short term, even some workers with productivity levels
below the mandated wage may keep their jobs. For a time. In the
medium to long term, however, those workers will either be replaced
by automation, or employers will simply cease to hire
low-productivity workers.

How to Really Increase Wages

As we’ve covered "http://silveristhenew.com//feed/https://mises.org/blog/no-there%E2%80%99s-no-economic-case-minimum-wage"
target="_blank">here
and "http://silveristhenew.com//feed/https://mises.org/library/yes-minimum-wages-still-increase-unemployment"
target="_blank">here
at mises.org, the only way to sustainably
increase the wages of workers is to increase their productivity. If
a worker’s wages are to go up, there must either be an increase in
the demand for that worker’s services, or the worker must be able
to produce more in less time.

This is why the industrial revolution brought with it enormous
increases in workers wages and standards of living. A single
workers could produce far more in the 19th century than he could
produce in the 16th century. All that productivity brought with it
higher real wages.

"http://silveristhenew.com//feed/https://mises.org/blog/four-states-vote-punish-low-skilled-workers-minimum-wage-hikes"
target="_blank">READ MORE

The post "http://www.brotherjohnf.com/four-states-vote-punish-low-skilled-workers-minimum-wage-hikes/"
target="_blank">Four States Vote to Punish Low-Skilled Workers With
Minimum Wage Hikes
appeared first on "http://www.brotherjohnf.com/" target="_blank">Silver For The
People
.



Source: http://silveristhenew.com/2016/11/18/four-states-vote-to-punish-low-skilled-workers-with-minimum-wage-hikes/

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