Huzzah! Minimum Wage Increase Shot Down in Senate

[Launcher]

Happychem,
I gave a quick explanation in #55.

 

[Harlock]

Beeker (my fiance) gave me my own screen name so I don't get her in trouble. Don't get angry with her.

So, continuing with our conversation...

Thank you. You just made my case.

Er, why? Bit off more than she could chew?

 

[Launcher]

No, I was looking for some information and saw your post. I enjoy studing the subject so I started answering. I don't want anybody to get angry with her so I had her set up a new account for me.

 

[slipknottin]

Do a lot of people actually make minimum wage? I'm really not sure if there are that many. Are there?

I dont know of any actual numbers, its compounded by whose working full and part time. There are many people working at or near minimum wage however, most of which are poor, minorities, or the young. I dont know of a single kid that didnt start out at a job paying at or near minimum wage...

In any case, a price floor is only a factor if it interfere's with the lower limits of the price. For example, having a price floor for all cars of $10 would make no difference in the big picture since nobody sells them for that much anyway.

Indeed.

Are you an economics major slipknottin?

Business and marketing major actually, though I generally take all the economics classes I can.

 

[Harlock]

Ah, well, welcome to the boards then!

 

[Launcher]

The monetary unit of the US was set in the Constiution in 1789. The U.S. Coinage Act of 1792 enforced it. Legal tender laws are only necessary to force people to accept something with no intrinsic value in payment of debt. Nobody has to twist your arm to accept something with intrinsic value in payment of debt. Paper currency makes legal tender laws necessary.

 

[Launcher]

Thank you, Harlock. Sorry for the confusion.

 

[greeneyedlady]

:OT: Hey Launcher when my hubby wants to argue with the guys here he just uses my account and preceeds it with the initials BEM so the guys know that he is the one talking and not me, but welcome to the boards

 

[slipknottin]

Legal tender laws are only necessary to force people to accept something with no intrinsic value in payment of debt. Nobody has to twist your arm to accept something with intrinsic value in payment of debt. Paper currency makes legal tender laws necessary.

Possibly, though there is no real reason to expect people to stop accepting paper currency without such laws.

 

[Launcher]

How about a store of value?