it's the old, "do as I say, not as I do" mentality. Tough for some to swallow.
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Plenty of studies have shown otherwise. Including analysis on what was recently done in Seattle which had a very accelerated jump.
And the one report that came out bashing it, was severely trashed by fellow economists for its statistical method flaws. Flaws that their own authors eventually admitted to. Never mind there data wasn’t fully released.
I’d rather go for a UBI, but that seems to be a ways away in the States until the older generation dies off.
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Speaking of Seattle…
Couple on FOX News (Gasp!!!) recently owned two Subway Restaurants (hate it when the refer to Subway Sandwich shops as restaurants). One in Seattle, one outside the Seattle area.
Seattle started $15 minimum wages.
To compensate for the new wage, the Seattle Subway laid off employees, cut hours to reduce costs and raised the price of sandwiches. The owners said their clients were "price sensitive" and ordered less. The store is in danger of closing.
The store outside of Seattle continues to do fine.
You can come up with all the studies and statistics you want, I'll take reality. How many of these economists ever work a job like these? Not too many.
Related scenario…my employees all make in the $20 an hour range. If they have to work overtime, I am required to pay time and a half which makes their "minimum wage" for overtime $30. The job they do is not worth $30 an hour so it never gets paid. We haven't paid overtime in years. If overtime is needed, I do it or the the wife does it. I push them (gently) to get as much done as possible, get the various machines set up (automation) and I stay after hours or come in on a Saturday or Sunday and run the work. I doubt if scenarios like that show up on any study. This is common in small businesses.
Business owners, regardless of the size of the business, resent paying more than the job is worth.
Business owners, regardless of the size of the business, resent being forced to increase their expenses at the cost of their bottom line They will not do this. They will find a want to offset the expense.
Layoffs
Automation
Higher prices.
Then let's talk about reality. I live in Seattle and if you go there you will find PLENTY of Subways. Contrary to your beliefs, Seattle is not some barren wasteland of Subways because it's now too expensive to operate one there thanks to the minimum wage.
If a single Subway in Seattle shuts down after the minimum wage increase, it's because that manager/owner sucks and not because of the minimum wage increase, because all the other Subways are still in business.
to counter your concerns (and I have them too), this will also cause businesses to operate at a more efficient clip, and find new methods of operations. At some point, taking a burger order and handing it to a customer was going to automation anyways, but I do get your point, even if some economists don't agree necessarily. Common sense tells us cost will rise of goods if you force the labor market to take on more cost. But there are plenty of other factors to consider.
Its stupid. Knowing that if everyone stop using products with palm oil would save the rain forest lands and amazing creatures doesn’t mean you can’t use the soap in a public bathroom. I’m sure she had realtor that showed her places that would suit her needs and she took one just like anyone else would. If she gets in bed with the people she spoke out against on the campaign trail as a politician then we have something to talk about
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Pretty ironic that a $15 min wage is seen as devastating to businesses and workers while tariffs on industries that reduce competition and raise prices are seen as good for businesses and workers.
And lol at fast food joints having to lay of workers because of a $15 min wage. The US is the fattest country in the world those places are always going to be making profit.
With all things being fair, there is some truth to this.
Being forced to pay more than something is worth (labor) is an unfair restriction.
As with all political debates. There is some truth to it.
Paying too much for labor is bad, but paying too little is also bad. It would be just as bad for the economy to have no minimum wage and have a multitude of people working for $3.50 an hour as it would be if we made the minimum wage everywhere $33.50 an hour.