Most of us (myself included) will also readily agree that, if equilibrium money wage rates have been increasing at an annual rate of, say, 4 percent (as was approximately true of U.S. average earnings around 2006), then an unexpected decline in that growth rate to another still positive rate can also lead to unemployment.
Its true that no one wants their real wage to fall, but tight money will not solve the real wage problem.
Given a constant money supply, nominal wage rates fall, but real wage rates rise because total output has gone up.
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The money for a higher minimum wage does not come from thin air.
Still, a combination of tax cuts, an increase in the minimum wage, more money for education, a patient's bill of rights and, possibly, Medicare coverage of prescription drugs, would be a big achievement.
Sadly, it looks more likely that extra money will trickle away, in wage increases and other inflated costs.
Any increase in home care wage for caregivers means more money flowing out of the Social Security check or retirement savings of seniors.
The net result is that most wage earners should be seeing more money in their paychecks this year.
Among the proposals he wrote about most frequently were: severing the link to gold and letting the dollar float, fighting inflation by reducing the growth of the money supply, ending the draft, abolishing wage and price controls, and cutting taxes.
The money that is now going to be paid to those minimum wage workers must come from somewhere.
Higher-than-usual unemployment and erratic wage growth make it hard to find that kind of money.
Mr Phiri earns below the minimum wage and the couple often don't have enough money to buy clothes.
"Added to this, our support for the social wage with a council tax freeze is helping to put money in people's pockets and is supporting hard pressed households, " he added.
The minimum wage polls well because Americans naturally want everyone to make more money, and the damage in forgone jobs isn't obvious.
The minimum wage polls well because Americans naturally want everyone to make more money, and the damage in foregone jobs isn't obvious.
But the new money is not being used efficiently, he says: much has gone on wage rises for teachers and health workers, rather than on innovative ways to deliver services.
"We've got the money to bring in a couple of players on loan, which would mean a wage, " said Smith.
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As more money came into the game they also abolished rules that restricted player compensation like the maximum wage and the retain-and-transfer system.
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Or that a wage isn't income subject to tax, but merely an even trade of money for services rendered.
The lower classes spend money on goods and services provided by people working in jobs that pay a middle-class or lower-class wage.
You can arrest bosses if they pay less than minimum wage, but there is no way to make them hire the least productive if doing so is a money loser.
But is it really the national unemployment rate that is troubling Mr. Cunningham or the fact that the largest group of employers of minimum wage workers happens to be the restaurans and fast food industries where Mr. Cunningham happens to earn his money?
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