Republican Presidential candidate Michele Bachmann quoted "Literally, if we took away the minimum wage-if conceivably it was gone-we could potentially virtually wipe out unemployment completely because we would be able to offer jobs at whatever level."
We hear about and see in our own personal lives where people who once high paying and respectable jobs are now working in at fast food restaurants and retail clothing stores.
I do like having a minimum wage, since it helps protect the lower income class. However, considering how the economy is now and seeing many jobs being offered offshore, removing the min. wage law may actually help keep jobs within the states.
And wasn't one of the top causes of The Great Depression had to do with Herbert Hoover keeping wages from decreasing which ultimately lead to extremely high unemployment rate?
What are your thoughts on this?
Minimum wage in globalized environment keeps atleast some of the GDP in countries used as source of cheap labor. Would its abolishment in States lead to elimination of unemployment? It is very likely.
However, side effects cannot be underestimated. Before such decision, government should conduct studies on impacts.
Your words sound like a sentence Especially for those countries where the minimum wage is much lower than the minimum subsistence minimum, with the retirement age increasing every year. How to live in such conditions to a simple worker whose health is not so much already.