Now it’s quite bad though, a whole generation of 16-20 year olds entering the job market and there’s just no jobs because you can hire a 30 year old for the same money
We gave millions of people unemployment checks that were larger than their actual income had been, gave low and mid income workers stimulus checks, gave business owners forgivable debt for payroll and a year later we didn't have increased quality of life, we just had fast-food that cost twice as much, apartments that cost 50% more and billions of dollars spent on gambling, crypto and meme stock option trading.
In any market, there is wide range of possible clearing prices with cost of production as a floor, and marginal value as a ceiling. Which price the market settles on is often a function of bargaining power as much as productivity. Minimum wage regulation is a heavy-handed way to change that bargaining relationship.
That's pretty reasonable. Nobody should be working 40 hours a week at a job and not make enough to support themselves. Any company who can't afford to pay their employees at least that much is a failure who deserves to be out of business.
So it’s better that they don’t get hired at all and live entirely off support of the (forced) largesse of the tax payer?
As one of those tax payers I’d much rather they work and earn at least something.
The author writes for Jacobin, which promotes a failed ideology where you CAN force people to “hire anyone at a given wage.”
It’s an advertisement for a failed ideology.