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<blockquote data-quote="Buck Randall" data-source="post: 1663432" data-attributes="member: 38590"><p>If you want a free market based on supply and demand, then government needs to break up big businesses that are able to distort the market.</p><p></p><p>If fat cattle only bring 1.10/lb. is that because they're only worth that much, or is it because there are only two buyers that have a gentlemen's agreement to stop bidding at 1.10? If there were dozens of small packers at the auction and they didn't know each other, I guarantee the price would start going up. Sure, some farmers can work around this by selling freezer beef, but that isn't going to work for the majority. They have to market their cattle for the price offered. If somebody told Tyson they were required to pay for cattle based on cost of production, they'd cry that it's impossible and you'll run them out of business. Would you believe them?</p><p></p><p>The labor market works the same way. Walmart, McDonalds, Amazon, etc. can offer any lowball number they want because they're big enough to dominate the labor market. Sure, some qualified individuals will go elsewhere and make more money, but that's not an option for everyone. It ends up working like a boat anchor on the whole labor economy. The big boys pay as little as they can get away with, and the little boys pay a little more. Any discussion of raising that minimum gets all of the businesses crying that it's impossible and they'll be run out of business. Hogwash. If everyone has to play by the same rules, they'll find a way. People aren't going to stop buying products and services. Jeff Bezos isn't going to be in the free soup line.</p></blockquote><p></p>
[QUOTE="Buck Randall, post: 1663432, member: 38590"] If you want a free market based on supply and demand, then government needs to break up big businesses that are able to distort the market. If fat cattle only bring 1.10/lb. is that because they're only worth that much, or is it because there are only two buyers that have a gentlemen's agreement to stop bidding at 1.10? If there were dozens of small packers at the auction and they didn't know each other, I guarantee the price would start going up. Sure, some farmers can work around this by selling freezer beef, but that isn't going to work for the majority. They have to market their cattle for the price offered. If somebody told Tyson they were required to pay for cattle based on cost of production, they'd cry that it's impossible and you'll run them out of business. Would you believe them? The labor market works the same way. Walmart, McDonalds, Amazon, etc. can offer any lowball number they want because they're big enough to dominate the labor market. Sure, some qualified individuals will go elsewhere and make more money, but that's not an option for everyone. It ends up working like a boat anchor on the whole labor economy. The big boys pay as little as they can get away with, and the little boys pay a little more. Any discussion of raising that minimum gets all of the businesses crying that it's impossible and they'll be run out of business. Hogwash. If everyone has to play by the same rules, they'll find a way. People aren't going to stop buying products and services. Jeff Bezos isn't going to be in the free soup line. [/QUOTE]
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