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by worldadventurer
3728 days ago
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Except that numerous studies have shown that your scenario isn't what really happens when the minimum wage is raised. Numerous states have raised the minimum wage in the past while surrounding states haven't, giving us a lot of actual comparison data (check out the Berkeley paper linked below). Quotes from an article from NYTimes[1]: "
The weight of the evidence shows that increases in the minimum wage have lifted pay without hurting employment, a point that was driven home in a recent letter[2] to Mr. Obama and congressional leaders, signed by more than 600 economists, among them Nobel laureates and past presidents of the American Economic Association. That economic conclusion dovetails with a recent comprehensive study[3], which found that minimum wage increases resulted in “strong earnings effects” — that is, higher pay — “and no employment effects” — that is, zero job loss.
" [1] http://www.nytimes.com/2014/02/09/opinion/sunday/the-case-fo... [2] http://www.epi.org/minimum-wage-statement/ [3] http://www.irle.berkeley.edu/workingpapers/157-07.pdf |
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Look, this isn't about politics or research papers. It's about math. As an engineer who founded and ran multiple companies over the last 30 years I can tell you math is a fucking bitch to face. It don't lie and it does not care if you like Obama or Trump. And simple math, in this case, tells the cold hard truth: These kinds of changes have consequences.
Even if you don't have a business you ought to be able to understand this. If gasoline went up 50% you would be forced to make some spending changes. Some won't care. Others would have to stop going out, buy a smaller car, sell their SUV, etc. If we also raised your rent or mortgage by 25 to 50 percent via mandate and your income did not increase at all. Well, extrapolate from there.
High minimum wage will screw the poor and middle class in more ways than one.
For example, if I have to pay someone $15 per hour rather than %10 (50% more just because some politician pulled the number out of their ass) I am likely to be far less tolerant of lack of experience or performance. There are whole layers of people who might have a very difficult time finding work for these reasons.
Nah, it's a bad idea. So sorry to see that populism and pandering is destroying this country.