Things that made you frown today (Political Version)

[Suppressed Poet]

The only reason why employers don't pay $2 an hour is because of minimum wages, they set an absolute baseline that prevents exploitation. The supply and demand component that increases wages further to attract talent doesn't do away with a need for a minimum wage, but it reinforces its importance and success.

I disagree.

Nobody is going to work for $2 an hour. The market dictates the value of labor. Notice how that’s working like it should right now in a time where we have a shortage / high demand for low-skill labor? I’m seeing places like restaurants & QSRs with help wanted signs that state starting at $XX per hour (well above minimum wage).

Minimum wage does two bad things:

1) By setting a minimum wage you are effectively pricing jobs out of existence. Say for instance a high school kid is looking to earn extra money this summer and both the employer & employee are willing to agree on $10 an hour, but minimum wage is set to $12. In this instance the kid may not have a job, or the employer can only afford 4 workers instead of 5.

2) It directly contributes to inflation. I feel like that one is self explanatory.