this post was submitted on 15 Mar 2024
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No Stupid Questions
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I don't see any need to abolish minimum wage. The pressures that you're talking about would allow people to quit those horrible minimum wage jobs, but there's no strong argument for saying that the minimum wage itself should go away.
The general argument for getting rid of minimum wage is that there is a whole bunch of work out there which is simply not valuable enough to be profitable if the labour must be paid at minimum wage prices, and so those jobs simply aren't available right now.
The trade-off is that it guarantees laborers are able to afford a basic life with their jobs, which greatly reduces the ability of capitalists to prey on the working class. However with UBI that problem isn't so big anymore, so there's theoretically no need for a minimum wage.
I hear you. At the same time, minimum wage also ties into laws against wage theft. So maybe we shouldn't take it off the shelf for a good long while, at least until wage theft can be cut to reasonably low levels. Good luck to us on that front, though.