Posts Tagged ‘thoughts’

Here are some of my thoughts on the successful Brexit vote, shared on the Facebook page for Exposing Faux Capitalism:

  • Corporate mass media hypocrisy: When democratic referendums are in favour of being part of some bigger political union, they want to move on after saying how great the outcome was, yet, in the rare case that voters go against that, like with Brexit, the democratic majority is minimized for the sake of divide and conquer, pitting older against younger, and accusing what would only represent a small minority, of racist motives.
  • Leftist Brexit inconsistency, which I’ve noticed even with local mass media: Saying how bad the Brexit outcome is, yet ignoring the EU’s well-known democratic deficit.
  • Someone on a group I follow was so concerned yesterday about the pound dropping around 10% overnight to a 30-year low. Let’s put this in perspective. The Dow Jones fluctuated around 5% several days during the 2008 financial crisis, especially when the House initially voted down the bankster bailout bill, yet the bleeding stopped by March 2010 and the Dow is now historically high. Iceland’s currency dropped by 80% in just 4 months, but the good news was they didn’t have to pay for any of the bad loans that their private banks made. Britain had no business being in the EU in the first place, and their membership isn’t essential.
  • Good that Brexit has put an end for the UK to the silly EU passport policy where someone coming from Eastern Europe, for instance, had an easier time getting into the UK than someone from a Commonwealth country who is fluent in English.

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Minimum wageHere is part of my response to a reader who proposes a higher minimum wage of $15 an hour in the United States, arguing that it can result in higher pay with minimal price increases. But I ask, what about overall employment?

I have personally seen the case where an imposed higher than market wage has resulted in better pay with the same number of employees as there would otherwise be, and the company still being able to make a profit.

The example I’m referring to is a franchise coffee shop at the university I went to where the workers are unionized and get at least several dollars above the minimum wage.

While you are right about scenarios where an imposed minimum wage increase could result in big gains for affected employees with relatively minimal cost increases, one thing that generally will be affected is employment.

It is for that reason that I feel I don’t feel I should support restricting the job opportunities of others, and this is particularly noticeable with youth unemployment, where, due to other factors like a relatively high high school dropout rate of 15% and over, such students will have a difficult time seeking as many jobs at a highly increased minimum wage.

The university coffee shop is a special case, because of the power of the university in being able to regulate employment and competition of food options in light of a high on-campus demand.

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