• foggy@lemmy.world
    link
    fedilink
    arrow-up
    0
    ·
    2 months ago

    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.

  • morrowind@lemmy.ml
    link
    fedilink
    arrow-up
    0
    ·
    2 months ago

    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.

  • Oka@sopuli.xyz
    link
    fedilink
    arrow-up
    0
    ·
    2 months ago

    Minimum wage goes up -> Prices go up

    The gap between wage and costs isn’t changing.

    • LwL@lemmy.world
      link
      fedilink
      arrow-up
      0
      ·
      2 months ago

      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.

    • Saledovil@sh.itjust.works
      link
      fedilink
      arrow-up
      0
      ·
      2 months ago

      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.

  • Kecessa@sh.itjust.works
    link
    fedilink
    arrow-up
    0
    ·
    2 months ago

    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.

    • Maggoty@lemmy.world
      link
      fedilink
      arrow-up
      0
      ·
      2 months ago

      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.

      • Kecessa@sh.itjust.works
        link
        fedilink
        arrow-up
        0
        ·
        2 months ago

        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.

        • Maggoty@lemmy.world
          link
          fedilink
          arrow-up
          0
          ·
          2 months ago

          People are coming at you because it sounded like you were saying the poor were poor because of bad financial skills.

          • Kecessa@sh.itjust.works
            link
            fedilink
            arrow-up
            0
            ·
            edit-2
            2 months ago

            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…

          • Rekorse@sh.itjust.works
            link
            fedilink
            arrow-up
            0
            ·
            2 months ago

            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.

    • nfh@lemmy.world
      link
      fedilink
      arrow-up
      0
      ·
      2 months ago

      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.

      • Kecessa@sh.itjust.works
        link
        fedilink
        arrow-up
        0
        ·
        2 months ago

        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.

  • Suavevillain@lemmy.world
    link
    fedilink
    arrow-up
    0
    ·
    2 months ago

    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.

  • bradorsomething@ttrpg.network
    link
    fedilink
    arrow-up
    0
    ·
    2 months ago

    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.

  • Pacattack57@lemmy.world
    link
    fedilink
    arrow-up
    0
    ·
    2 months ago

    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.

  • gedaliyah@lemmy.worldM
    link
    fedilink
    arrow-up
    0
    ·
    2 months ago

    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

    • Kichae@lemmy.ca
      link
      fedilink
      English
      arrow-up
      0
      ·
      2 months ago

      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.

    • Skyrmir@lemmy.world
      link
      fedilink
      English
      arrow-up
      0
      ·
      2 months ago

      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.

      • davad@lemmy.world
        link
        fedilink
        arrow-up
        0
        ·
        2 months ago

        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.

    • iAmTheTot@sh.itjust.works
      link
      fedilink
      arrow-up
      0
      ·
      2 months ago

      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.

    • ShareMySims@sh.itjust.works
      link
      fedilink
      English
      arrow-up
      0
      ·
      2 months ago

      Especially in this economy of runaway corporate greed, we need a meaningful increase in wages revolution 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).

  • OccamsRazer@lemmy.world
    link
    fedilink
    arrow-up
    0
    ·
    2 months ago

    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.