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You Econ 101 guys

5 Replies
edneeds
Senior Reader

Re: You Econ 101 guys

I figured you for atleast a sophomore
schnurrbart
Veteran Advisor

Re: You Econ 101 guys

I'm probably not a freshman in Econ but from what I have read, the large scale raise in the minimum wage in Seattle has been a HUGE success.  I believe they made a city min wage of $15.  Businesses flourished, more taxes were therefore obtained as more people had more money to spend.  Sounds like a plan to me

r3020
Senior Advisor

Re: You Econ 101 guys

Detroit needs to follow their lead.

BA Deere
Honored Advisor

Re: You Econ 101 guys

I think President Trump had better build the wall as promised first before we even dream of raising the minimum wage to 15 bucks or the entire population of central and south Americas will be up here in the hiring line.

 

The author goes back 7 decades for his comparisons...you can do that, we have a totally different economy today as we`ve ever had.  We`re  80% service based, in years past we had a manufacturing base that could support a min wage hike for workers in a smaller sevice industry.  In the 50`s for example the steelworker man would come home and his wife would cook potatoes and pot roast...there wasn`t a Mcdonalds around every corner.  Today nobody cooks, the guy that works at the Dollar Tree store and his "partner" that works in a nail salon go to Arbys for dinner. 

 

The $15 min wage crowd are assuming 2 things. That businesses are just sitting on a stash of cash that all the government has to do is shake them down and they might grumble, but they`ll give their workers the raise and not fire anyone...because they`re just sitting on all this cash waiting to be taped into.   Also the $15 min crowd assume that all workers and jobs are worth $15/hr...no they`re not.  Some of these jobs are a "first job" that the store is doing them a favor hiring them at any wage.  They are green and need to be taught everything and then when the learn and get experience...zip! out the door they go and get a better job.

 

Some of these jobs were never intended for people to make a living off...but that is how desperate this country has come.  That we are going to attempt to artifically make every job into a living wage job.

 

Basically comparing the past is a mistake because in the past that service sector was small and there wasn`t the technology and finacial incentive to replace workers with automation. 

Re: You Econ 101 guys

There is a sign at KFC in Franklin IN that says "If you will work it's 13.75/hr. Hmmmmm supply/demand?

 

 

Also today there is approxamately 250 private jets on the ground in Louisville to watch a bunch of horses go around a track ONCE. One could raise the min wage to 50/hr and you couldn't compete with that.