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Raising the minimum wage seems appealing at first but businesses either shrink or they raise the prices. A worker might be overjoyed at first only to find out that he has been laid off or that it didn't help him because now the goods cost more.
Minimum wage increase bad for business in California | SanDiegoUnionTribune.com
That is elementary economics that liberals did not want to listen to ie decided to ignore. But that makes sense. Hey, their voters actually believe that handouts are free. BS showed that unequivocally and Clinton has promised a policy mix that will almost certainly reduce employment and GDP on its own, while actually reducing tax income in the long run. But people don't want to understand the principal of the free lunch and she knows that as bad as it is for her voters, it is the way to get herself elected.
Raising the minimum wage seems appealing at first but businesses either shrink or they raise the prices. A worker might be overjoyed at first only to find out that he has been laid off or that it didn't help him because now the goods cost more.
Minimum wage increase bad for business in California | SanDiegoUnionTribune.com
https://en.wikipedia.org/wiki/Living_wageIn public policy, a living wage is the minimum income necessary for a worker to meet their basic needs. This is not necessarily the same as subsistence, which refers to a biological minimum, though the two terms are commonly confused.
https://www.law.cornell.edu/wex/minimum_wageThe national minimum wage was created by Congress under the Fair Labor Standards Act (FLSA) in 1938. Congress enacted this legislation under its Constitutional grant of authority to regulate interstate commerce. FLSA was a comprehensive federal scheme which provided for minimum wages, overtime pay, record keeping requirements, and child labor regulations. The purpose of the minimum wage was to stabilize the post-depression economy and protect the workers in the labor force. The minimum wage was designed to create a minimum standard of living to protect the health and well-being of employees. Others have argued that the primary purpose was to aid the lowest paid of the nation's working population, those who lacked sufficient bargaining power to secure for themselves a minimum subsistence wage.
Clearly you do not understand elementary economics either. When you implement a minimum wage there will be some loss but it will usually result in net gain for minimum wage workers. If for example wages increase by 20% prices do not increase by 20%, because they can't, this is due to elasticity. You also will not see hours reduced by 20% either, again due to elasticity. What you probably will see is maybe a 5% increase and a 5% decrease in hours worked but in total there is a net gain for society.
Raising the minimum wage seems appealing at first but businesses either shrink or they raise the prices. A worker might be overjoyed at first only to find out that he has been laid off or that it didn't help him because now the goods cost more.
Minimum wage increase bad for business in California | SanDiegoUnionTribune.com
Clearly you do not understand elementary economics either. When you implement a minimum wage there will be some loss but it will usually result in net gain for minimum wage workers. If for example wages increase by 20% prices do not increase by 20%, because they can't, this is due to elasticity. You also will not see hours reduced by 20% either, again due to elasticity. What you probably will see is maybe a 5% increase and a 5% decrease in hours worked but in total there is a net gain for society.
Given the number of people who are unemployed, underemployed, or dropped out of the work force, seems pretty accurate.
And his comment doesn't support government mandated minimum wage. It says nothing about the government doing anything about it. Neither does Plutach's.
You'd have to understand Capitalism to understand what Smith is saying. Capitalism is exactly what will help fix the situation. Commanding the economy has always been the cause of social inequity, whether it's Feudalism or Communism or Fascism.
Clearly you do not understand elementary economics either. When you implement a minimum wage there will be some loss but it will usually result in net gain for minimum wage workers. If for example wages increase by 20% prices do not increase by 20%, because they can't, this is due to elasticity. You also will not see hours reduced by 20% either, again due to elasticity. What you probably will see is maybe a 5% increase and a 5% decrease in hours worked but in total there is a net gain for society.
Raising the minimum wage seems appealing at first but businesses either shrink or they raise the prices. A worker might be overjoyed at first only to find out that he has been laid off or that it didn't help him because now the goods cost more.
Minimum wage increase bad for business in California | SanDiegoUnionTribune.com
$15.00 / hr min wage in Arkansas would be something that would destroy the economy.
But to claim that $15.00 / hr (later - it's not in motion, yet, the plan is to build up to it over time to allow the economy to adjust) in a place where the average min wage was ALREADY CONSIDERABLY HIGHER THAN THE NATIONAL AVERAGE and THAT is what has / is going to tank things for people is ridiculous bull.
The net gain for society is more money on the table and less hoarding.
Bull hockey. The rich will raise prices enough where they will make the same amount as they did before and "hoard" the same amount as they did before. Liberals always think that like the rape fallacy, business owners will just sit there and let themselves be raped. They won't.
Clearly you do not understand elementary economics either. When you implement a minimum wage there will be some loss but it will usually result in net gain for minimum wage workers. If for example wages increase by 20% prices do not increase by 20%, because they can't, this is due to elasticity. You also will not see hours reduced by 20% either, again due to elasticity. What you probably will see is maybe a 5% increase and a 5% decrease in hours worked but in total there is a net gain for society.
Raising the minimum wage seems appealing at first but businesses either shrink or they raise the prices. A worker might be overjoyed at first only to find out that he has been laid off or that it didn't help him because now the goods cost more.
Minimum wage increase bad for business in California | SanDiegoUnionTribune.com
There is little hoarding. you don't know what you are talking about.The net gain for society is more money on the table and less hoarding.
Mm-hmm...which, FYI, is the very same argument that's been used against minimum wage ever since the 1930's. Ever since then, the Right has proclaimed that minimum wage was going to destroy the economy.
How'd that prediction work out, hm?
One more thing - try living in a nation where there's NO minimum wage. I have...and what I've seen with my own eyes is how the lack of a minimum wage results in a race to the bottom when it comes to workers' wages. Business A sees that Business B's got lower prices, and so is forced to cut wages to the bone to be able to compete...and then Business B sees Business A do that and is forced to cut the wages even further.
That IS how it works - I've seen it with my own eyes, and it really, truly sucks for the workers. You think income inequality is bad in America, try going to nations where there's no minimum wage at all, and then see what it's like.
One does wish, however, that y'all would listen to what the "Father of Capitalism" - Adam Smith - said about having a living wage:
Servants, labourers and workmen of different kinds, make up the far greater part of every great political society. But what improves the circumstances of the greater part can never be regarded as an inconvenience to the whole. No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable. It is but equity, besides, that they who feed, clothe, and lodge the whole body of the people, should have such a share of the produce of their own labour as to be themselves tolerably well fed, clothed and lodged.
— Adam Smith, Wealth of Nations, I .viii.36
The guy just about freaking INVENTED capitalism...but when it comes to the part y'all don't like, y'all flatly ignore what he plainly said. And you know what? All Adam Smith was doing was expounding upon what the Greek biographer Plutach had said nearly two thousand years before:
“An imbalance between rich and poor is the oldest and most fatal ailment of all republics.”
But y'all want to forget history...and so have to learn the same damn lesson all over again.
Well, elementary economics must give way to real life economics it would appear - Forbes Welcome / $15 wage law has little impact on Seattle's thriving labor market, report suggests | The Seattle Times
$15.00 / hr min wage in Arkansas would be something that would destroy the economy.
But to claim that $15.00 / hr (later - it's not in motion, yet, the plan is to build up to it over time to allow the economy to adjust) in a place where the average min wage was ALREADY CONSIDERABLY HIGHER THAN THE NATIONAL AVERAGE and THAT is what has / is going to tank things for people is ridiculous bull.
Well, elementary economics must give way to real life economics it would appear - Forbes Welcome / $15 wage law has little impact on Seattle's thriving labor market, report suggests | The Seattle Times
Surprise! The article you linked has no empirical data whatsoever to back up the opinions of the business lobby that wrote it.Raising the minimum wage seems appealing at first but businesses either shrink or they raise the prices. A worker might be overjoyed at first only to find out that he has been laid off or that it didn't help him because now the goods cost more.
Minimum wage increase bad for business in California | SanDiegoUnionTribune.com
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