You're wrong because people receiving pay cuts would not reduce the cost to produce goods. Prices would not drop if people received modest pay cuts, i.e. cuts equal to the percent change in the minimum wage over the years. There would need to be severe deflation before prices would come down across the board.
That makes no sense. You said that people having more money to spend increases inflation, so that means that people having less money to spend would decrease inflation. Are you changing your mind?
It also makes no sense to state you do not believe in a minimum wage, yet you are using it to gauge what your pay should be based on your education. Why are YOU deciding that? From what you've stated, your employer should have the freedom to only pay you $4 per hour if he so chooses, and if they all had a choice and there was no minimum wage, then I'm pretty sure that even the most educated people would be making less money. Nobody is going to pay more than a competitive rate, and that rate has to start somewhere. Start it at zero and you have major issues right off the bat.
In my mind, you should be thanking me for working for less than my education and experience allows. I can sign a paper right now and triple my salary, but I choose not to because the stress would be harder on my physical health and because we have enough, thanks to my husband having gained a job and them having a minimum wage requirement. More might be enjoyable, but it's not worth it to me to have less time at home and more stress in exchange for a few more creature comforts.
That is...if you honestly believe that people with less spending money help keep inflation down.
Like you said.
