Minimum Wage Misconceptions with Jacob Clifford

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1. I like the minimum wage in Singapore. ZERO dollars. We should eliminate the minimum wage all together, and give workers the right to negotiate their wage. Maybe, just maybe if I am an ambitious young man or woman and I want to learn a marketable skill, perhaps I would like to work for free legally to obtain those skills, until such time I feel as a worker I am ready.
2. So the people already making $15 will make $30?
3. Minimu wage increase doesn't impact unemployment becuz the U.S. is in a upwards growing economy. If a economy is stagnate or in negative growth higher minimum wage will create a higher unemployment. U.S. likely to stagnate around year 2025
4. Why didn't you make all these GREAT points in the Crash Course video you made?
   When comparing the minimum wage to other developed countries, you also have to look at how prevalent small business is in those countries. Large businesses have economies of scale that can offset labor costs while small business does not. Raising the minimum wage may or may not decrease employment, may or may not decrease economic activity, but it most certainly does destroy small business.
5. The U.S. actually has the 9th highest minimum wage taking into account PPP of respective currencies.
6. A 'living' minimum wage of $15 per hour would lead to fewer people qualifying for less or no handouts from the social safety net (ssn)  which should lead to lower taxes for the rest of us.  The companies will be faced with decisions: do they raise prices to recover this extra cost?  Do they absorb it out of profits?  Do they find a different way to cut employee costs?  They will likely so all three.  They will raise prices a bit, they will take a little less profit, and they will seek and develop methods to reduce manpower costs.  My lower taxes will allow me to pay the small increment of price increase they will apply with no effect on my lifestyle.  On the other hand, if a business is so unprofitable that a rise in minimum wage causes  it to close down, it is probably no loss to the system overall.  The business volume it accounted for will be spread among its competitors, as will the employees, as those businesses hire more people to handle the extra business.  Then there is the ripple effect; as minimum wages rise, workers who formerly made somewhat more than minimum will ask for and receive wage increases as well.  The money paid to all of these people, both minimum wage earners and those just a bit higher on the chain, will inevitably be spent as they do not have discretionary income.  The money circulating in the system will also lead to more business for the remaining companies.  One other factor which I feel is being ignored in these discussions is how the minimum wage workers feel about themselves.  Now, they know that they are being paid so little that the ssn is needed to take up the slack.  They can't pay their own way.  The inference is that they are not worth even the low wages they are receiving, that the employers would pay less if they legally could.  What a lousy way to make a fellow human being feel about themselves.
7. So basically, by the study you posted, 900K people had improved conditions and 500K were pushed out of the workforce...therefore if taking that into account with 30M being affected by the $15 minimum wage hike would mean less than 20M would have improved conditions, while more than 10M would be pushed out altogether??
8. Kudos for the Sowell reference; his books had a big impact on me. After 7 years, I still love watching your lectures!
9. inflation has gone up while the minimum wage has not. if employees make more money then they will consume more. It's a win win for the employer. yes, in the short run their cost will increase but it will even out. we are heading towards automation regardless of minimum wage laws therefore let's compensate people for their hard work and not the shareholders.
10. Education for people to get a better job yeah right keep in mind somebody has to the dirty job imagine all the poeple having office jobs and then you go to a restaurant and there will be no dishwasher doing the nasty shit basically we can't all be college guys in this society the thing is minimum wage its not enough you need 2 jobs to survive and save a little money but then you waste your life working like a fucking slave two jobs for 10 dollars no time for family no time for joy no time for shit minimum wage its a joke
11. There is no point in increasing minimum wage, if education stays so expensive. The minimum wage works in Europe, because education is cheap. The guy who can't find a job, goes to school instead. So, he can find a job which requires an education.
12. What a fantastically informative non biased economic video. A majority of minimum wage workers being 16-24 years old is a glaring statistic. There is no true fix other than making education even more accessible and affordable
13. You forgot to discuss COMPRESSION and inflation. Raising the cost on employers raises all prices. Raising the cost of workers accelerates automation by making it more attractive financially.
14. There are a lot of problems with our economic system. We worry about stock holders too much. The CEOs of companies justify treasonous salaries and give themselves treasonous increases every year. Link the cost of CEOs with the pay the give workers. And then hang the ones that justified 10 million plus ones unless the are the ones that actually started the company.
15. wow facts instead of political preaching, want ya dick sucked?
16. Its not even economics, its just common sense, brain function.
17. Robert Whaples: Do Economists Agree on Anything?Yes!
    
    "The efficacy of the minimum wage continues to divide economists. As Table 3 shows, almost half (46.8%) have concluded that the federal minimum wage should be eliminated, while a slightly smaller number (37.7%) favor increasing it"
18. I just want to say thanks for just giving us the info and facts and not just pushing your opinion onto us. My microeconomics professor really just painted the picture that raising minimum wage would ruin the economy. He was extreme about the whole thing and I felt I had to do more research on the subject.
19. you remember companies have to make a certain profit margin that they work off of it when you double the minimum wage guess what else is going to double, a Big Mac hamburgers clothes that you wear that's made in America everything is made by low-income workers is going to jack up in price so the people that make minimum wage will have to pay double for everything they buy so are they really getting an increase in money? No they're not,
20. you're making $14 an hour and then tomorrow they change the minimum wage to 15 you get a dollar raise but guess what the guy flipping hamburgers at McDonald's is making just as much as you and he just started