I do so enjoy it when someone like you tries to use a one dimensional main stream economic analysis they pulled from some textbook or wiki. It makes my counter argument so much easier to make:

There is nothing “arbitrary” about Naders plan to increase the minimum wage to 10$ an hour. There is both historical and present day reference as to why Naders plan is valid.

First I would suggest you look into WHY the minimum wage was first instituted here in the USA. Pay special attention to the concept of monopsonistic competition should you decide to do your homework in an attempt to be better able to argue your point in future. In order to keep our first exchange short. I will leave my first counter argument point at that.

Second, in the year you were born, 1968, the minimum wage had a real dollar value of 10$ an hour in today’s dollars. Put another way, the current federal minimum wage has about 60% of the buying power of the minimum wage of 1968, and I’m being generous with that 60% number. This is in fact is one of the historical arguments Nader uses for his planned increase. 10$ an hour would adjust the minimum wage to equal the 1968 level.

In 1968 I was 10 years old. My father, who could not read or write and never finished 4th grade, was able to provide via the pay he received from his single 40 hour a week job enough money to not only buy the necessities like our family home which he owned, but also luxuries such as a second summer home. He was able to do so because he had not only the protection against the effects of monopsonistic competition via the minimum wage, but also an even stronger protection called UNION MEMBERSHIP. Both the minimum wage and unions DO IN FACT INCREASE THE VALUE OF THE LABOR OF PEOPLE! I know because MY family lived the America dream back then because if it!

Present reference includes the twenty five to fifty CENTS an hour that workers in China receive due to the effect of monopsonistic competition. If you libertarians have your way and you maage to do away with minimum wage protections in this county, that’s what workers here will be making. THIS MEANS YOU!

The laissez-faire free market capitalism you libertarians hold as a cultish act of faith has existed in this country. It existed at the turn of the 20th century. It was the CAUSE of the great depression! In fact in our present day, the laissez-faire free market capitalism you foolishly believe you want has been used to bring about DEREGULATION. That has given us:

The savings and loan fiasco of the 1980’s

Enron

Worldcom

The subprime mortgage disaster

Runs on banks both at the turn of the century and present day

Boom and bust cycles such as the crash of 1929 and what is shaping up to be just as bad if not worse on present day wall street

As to your one good insight, that being Socialist action by the Fed, I hope you will read my blog post just above this one titled “Passing the BUCK and Picking YOUR Pocket!” I refer to the fed actions as lemon socialism and give my definition of that term.

I think I’ve gone on far too long with this. I could however do 10,000 words on this subject and still not say everything.

Thank you so much for your comment and I hope to hear more from you here in future.

The scientifically impossible I do right away
The spiritually miraculous takes a bit longer