The only thing increasing mimu wage must do is take money out of the wealthiest pockets.
And that’s why wages stay stagnant.
Every other argument is a red herring.
No shit
From the abstract of the actual study
We find that most studies to date suggest a fairly modest impact of minimum wages on jobs: the median OWE estimate of 72 studies published in academic journals is -0.13, which suggests that only around 13 percent of the potential earnings gains from minimum wage increases are offset due to associated job losses. Estimates published since 2010 tend to be closer to zero.
Our corporation funded a study that says this study is wrong. /s
Minimum wage goes up -> Prices go up
The gap between wage and costs isn’t changing.
I also repeat conservative talking points when I have no idea what I’m talking about.
Wait wait, I’m wrong. I’m not an idiot.
Not everyone is min wage, so the price increase will never be as high as the wage increase. Unless a products entire supply chain is only min wage workers.
What’s actually driving the price increase? Employees or corporate profit?
Suppliers will charge whatever gives them the highest profit, and if their costs go up by x, said optimal pricepoint goes up by x/2, assuming a linear correlation between price and demand.
You just blow in from stupid town or what?
No, but it makes business owners more likely to outsource or replace with AI.
Guess we need to get rid of business owners then.
So if you owned a business, you’d like to be removed from that position?
I do own a business. I’m the sole and only employee, as it should be unless I want to establish a partnership.
So you’re self employed. This study doesn’t apply to you.
It’s going to blow your mind once you find out about cooperatives.
It’s going to blow your mind to find out how often new businesses fail.
???
What, exactly, do you think your point is?
How many new business fail?
Are you just spouting our random things thinking it makes your earlier point more valid?
No. They’re aiming for that regardless.
“More likely”
If these people could be replaced with AI already, they would be. It doesn’t matter how much or little they make.
People are bad at saving money, increase minimum wage and they’ll just spend the extra, increasing companies revenues, allowing them to pay the higher minimum wage.
Or the working class can’t afford everything it needs. So a raise goes towards buying more necessities.
It’s kind of hard to save when every dollar is accounted for in food, shelter, and utilities.
And these necessities are very often procured from stores that pay their employees minimum wage, so it all comes back to what I was saying… But even for people who get paid way more than minimum wage, a significant proportion is living paycheque to paycheque or close to it.
People are coming at you because it sounded like you were saying the poor were poor because of bad financial skills.
If you look at my message I’m clearly painting a broad picture, “people are bad at saving money”, I never said it only applied to people with lower income. I’ve known of engineers making 300k/year panicking because 200$ were missing from their paycheque and they wouldn’t be able to make their payments… They just own a bigger house and a Porsche instead of renting an apartment and driving a Civic, in the end they have 0$ set aside and if their income goes up they just find more stuff to purchase…
well the best way to make money in America seems to be to have money. The more money you already have now the more you can use it to make more money.
Thats probably why poor people stay poor. Not enough to snowball, its all gone ever day.
Even the most skilled money saver in the world, when their income is barely above their necessary life expenses, will fail to save much. Savings is a luxury only the rich can afford much of.
But you’re right, putting money into the hands of people living paycheck to paycheck, or barely able to save is great for the economy as well as those people personally. Even if they save 10% and spend 90%, it’s tremendously more beneficial than that money going to a wealthy multimillionaire who won’t even notice saving it. For everyone except the multimillionaire, who really isn’t negatively impacted.
Even when putting more money in the hands of people who make way more than what they need to afford the basics will result, in most cases, in them spending it instead of saving. You see it very clearly in regions that rely on industries like mine, people’s personal finances boom and burn… Them have jobs making 150k/year and but a big house, a truck, a quad, a snowmobile, a sports cars, motorcycles, name it, the second things slow down they can’t afford to make payments on any of that because they never saved a cent.
Corporations were bragging about record profits not that long ago, and then basically admitted to price gouging. Folks are extremely underpaid in most areas. Not shocked at all.
Removed by mod
None of the people uttering that lie will care about this news.
As an employer, I hire when I have the work an employee can do at a profit I feel makes it worth my time to get the work and manage them. That’s the whole calculus of hiring.
Joke’s on us, fast food jobs were replaced by touch screens anyway.
The root cause isn’t minimum wage. While that can be important it does affect a lot of small business. With that said the root cause is corporations using profits to line their pockets instead of helping the economy by paying their employees.
We need to stop skirting around the issue that is corporate America. we need to tax the fuck out of corporate profits BEFORE they hide it all in investments or stock buybacks.
This has been studied over and over and always with the same results. The economy isn’t hampered, jobs aren’t replaced by machines and overseas workers, the cost of goods doesn’t go up, and factories don’t close. The main impact is that quality of life increases, health spending increases (now that people can afford to take their kids to the doctor), and corporate profits decrease very slightly.
Especially in this economy of runaway corporate greed, we need a meaningful increase in wages
corporate profits decrease very slightly
This is the thing that people will reflexively point to, but this:
quality of life increases
This is the real issue. If quality of life increases, workers are less desperate, and are less willing to put up with their employers BS. Moreover, if other jobs are also paying a living wage, it’s much easier to quit.
We have seen, over and over, that businesses are willing to spend money to exert control over workers. They’ll do it even if it means a decline in profits, or even in revenue. Because at the end of the day, if you have your needs met, any money left over is just power, and power is meant to be used to control others.
Oh jobs are replaced by machines, it just has almost nothing to do with minimum wage. Machines cost pennies on the dollar for production value compared to humans. The human wage is pretty meaningless at that point, even forced labor is less profitable.
I think part of the issue is how business accounting practices work. When you buy a machine, you can call it a capital investment and count its value as an asset. When you hire a person and cultivate them for years, from an accounting perspective their salary is strictly a liability / expense. Even though that person is an asset in every other way, our standard accounting practices don’t reflect that.
All of those things do happen, they just happen irregardless of minimum wage being raised. Like, the machines are coming for all jobs eventually, that’s not a reason to not raise the wage for living workers.
IrregardlessregardlessLike it or not, it’s in the dictionary. =p
Remember that a definition is not an endorsement of a word’s use.
It’s also in Mean Girls 🤭
What’s your point? Because it sounds like you are saying people don’t deserve a living wage.
That’s not at all what I said. Everyone deserves a living wage and the US min wage is insultingly low.
So again, what’s your point.
I was agreeing with the person I was replying to, but reframing it. Automated jobs and outsourced jobs are not caused by increases to minimum wage.
Especially in this economy of runaway corporate greed, we need a meaningful
increase in wagesrevolution to eliminate those corporations and the systemic rewarding of greed.The fact that they could increase wages and still make money while improving society but don’t, is why they don’t deserve any more benefit of the doubt, or room to continue hoarding wealth and power as they are, because a system that craves constant growth at any cost will never stop on its own (nor provide paths for reform).
But, the line must go up…
Who even gets paid minimum wage? My kids started at fast food for several dollars above minimum, to where I’m not even sure what the point is.
You’re observing a snapshot period and confusing it for the whole.
I got paid minimum wage when I was a supermarket cashier.
Makes sense. Like fast food, it’s a job that doesn’t require experience or any particular skill set.
No it does, I still remember all the produce codes and find myself tetrising my own grocery bags. A good cashier is faster, cleaner, and saves you money.
Basically every “tipped” job gets paid minimum wage (or below).
