The role of the federal government?

References for content in video:

[gabbyrodriguez]

I really enjoyed your drawings and voicing !! Great job and I hope you’re having a good day

[josefsils]

You didn't put in the basic of increasing minimum wages. The employer will also raise the price of the product that employees will buy. Raise the wages of a carpenter and the builder will have to raise the price of the structure he was hired to build and to cover the increase in workers compensation, insurance, and increase in inspectors wages will increase his permit. etc. etc. etc.

[sofiasyvyniuk]

I really liked this, it gave good examples and explained in a fun but informative way. Thank you for teaching me something new, have a great rest of your day!

[RagnarDan]

Securing a "good-intentioned" basic living (or any other government force in the economy) is not securing life liberty and the pursuit of happiness, because it degrades, by some measure, the life of those who are forced by law to provide for others.

Minimum wage makes the poorest, poorer by removing the bottom rungs of a ladder to progress.

[justinchavez]

I think that you missed a few factors that may change your perspective on this. Between 1960-1970, the timelines that you targeted, there was a significant increase in participation in the labor force - mainly from women. This would significantly change the playing field because you have more people competing for the same jobs.

It was not just women that influenced this, but the total size of the population. It began increasing drastically starting in the 40's. Fast-forward 16-18 years and you are also close to the timeline you are looking at and where you see a drastic rise in participation. An increase of the population plus the increase in women joining the labor force has allowed the conditions in which workers have to compete for a limited number of jobs and companies can pay lesser amounts for the labor.

An increase of the minimum wage paired with the surge in workers equals more overhead. That cost will always be passed down to the consumer - raising the price of market goods to pay for the increase on labor, which gets raised by the government, which continues the cycle.

All companies felt the impact of these raises because it is not just the new employees that get the increased wages, but the existing employees. I assume that some were also given extra to keep them.

One could argue that because of government intervention, companies and the economy did not have adequate time to adjust to the new market. As a result, what used to be the norm - purchasing a home with an entry level job, was now out of reach because the (forced) compounding cost of increased labor.

This increased has set the new norm where there needs to be 2 income earners in each home to purchase to be able to survive or thrive. This is due to the rising cost in the labor to produce the goods, which is why many companies opt into off-shoring the labor - the keep the costs down for consumers.

It is not the government's responsibility to tell companies what the expense of the labor should be. Is should be up to the market to decide. If startbucks paid $0.01 for their labor, no one would work there. They have to be competitive with their wages. However, if you force companies to pay a minimum amount, that is where the bar starts and that is where they have to start competing.

In my opinion, minimum wage needs to be eliminated. This will allow the market to re-stabilize without the pressures from the government. We may find that most companies would want to keep similar wages, but it will allow for more participation in the workforce, especially with entry level workers.

[asianstunt]

I wish we have federal government in the Philippines, Thanks for the video

[wugy]

Quick question,

If raising the minimum wage is resulting in jobs being lost to overseas competition, as it is today, wouldn't that mean that we've reached a saturation point where we cannot increase the inimum wage further without a detrimental cost of destroying the local industry (say manufacturing or services)? In such a situation, shouldn't we be looking into lowering the standard cost of living to make each dollar earned more valuable instead of hiking the quantity of available money and making the value of the currency more redundant but it's quantity more plentiful? Is that another way of increasing the minimum wage?

[mbrenneman]

So, the role of the federal government is to set minimum wage? That's it? Have you read the constitution? Minimum wage I a states right, not a federal power.

[Paul-A]

Wow. That was...a thing. Not a very well thought out thing, but still...

[timsimmons]

LOL, this video conflates wages and role. It's not the Feds job to set wages even if it makes things better.

[dougfranco]

? where did you come up with this $ wage had ANY role in this ?

[corbard]

Does giving Ukarine and illegal aliens my money, as well as goverment secured college loans in fields like "gender studies, " play a role?