Comment Re:Having a laugh? (Score 2) 50
That is not literally true, not in labor markets and not in virtually every other market. If employers could offer anything they wanted, they'd pay me $1/year. They do not, they offer much more than the minimum wage for something like 97% of hourly jobs. Salaried jobs have no minimum wage and yet we don't get poverty wages. Clearly the same supply/demand curves which control other markets are at play here.
They offer you more than minimum wage because of the existence of a minimum wage. Otherwise they'd offer you not $1 per year, but just enough to afford to return to work when added to whatever welfare they can squeeze out of government and society. Minimum wages do apply to salaried jobs as well. Check out what you can earn in countries that don't have them, and then thank a union. Or throw off the shackles of the minimum wage and get into a type of work that really doesn't have one, gig work, and let us know how that supply and demand thing works out for you.
That's been the story of industrialization since the 1750s. Every productivity enhancement has been decried by people claiming it will lead to waves of unemployment and dark satanic mills. And yet the numbers do not support this fear. Standards of living and wages have been more or less monotonically increasing for two centuries and for the most part, anyone who wants a job has one. It's almost as if improving productivity leads to rising wages and economic growth.
The Luddites died in grinding poverty with all indications being that they were correct, it was their grandchildren who got the new jobs that came along as a result of the automation that ruined their grandparents. Wages and standards of living have been stagnant for a half-century at this point. There are people frantically applying to hundreds of jobs they're well-qualified for and not getting so much as an interview. Over 100 people are applying to each job opening these days, and likewise it takes over 100 job applications for an average applicant to get a job (both rather conservative estimates). If improving productivity led to rising wages, why are we not earning 40% more for the same number of hours people worked in the '70s? Why has going from mainframes and dumb terminals to present-day computing added approximately jack shit to ~90% of workers' pay?
Gee, my current employer is hiring fast and furious, as are many others.
Good for you! Especially if you work in tech. Sucks for the people who aren't part of your anecdote though.
This has been argued back and forth for at least a century. We're not going to come to an agreement here. All I'll conclude with is that some regulation may have value and there's also a reasonable chance regulation is harmful.
Look up the history of the ones you don't think may have value and you'll learn about the workers who fought and/or died to get the laws in place that keep you from experiencing the same thing, which you now take for granted. Or if that's not enough, maybe you should experience a 996 work schedule in China, work alongside a nonexistent/laughably low minimum wage in a Caribbean country, or do some dangerous work in a Nigerian e-waste mine to get a taste of what happens without all those regulations.