Criminal enterprises can't go to collections or sue for breach of unenforceable contracts, that's why everyone gets killed, foot soldiers stay broke or become homeless, and minority neighborhoods they infiltrate are academically and professionally isolated from the rest of their own cities, while their residents are behaviorally stereotyped by society as a whole. In impoverished or extremist countries these people are the death squads and Boko Haram.
Due to operating leverage and technology advantage, min wage increases will lead to more industry consolidation. Not necessarily a bad thing, but it is a likely outcome. Bezos would love the idea of his competitors paying $15 too. https://techcrunch.com/2019/04/11/a...l-retailers-to-raise-their-minimum-wages-too/
I grew up poor. Growing up poor is not the same for everybody. Most of these people, WTF? How the hell can you speak for most of these people, where are you meeting them or shopping with them? So you come from the Cadillac Queen school of thought, that explains a lot. You keep talking about busting your ass and all of that but never address the real world circumstances I put before you. Your naivete is showing because you think it's as simple as asking a neighbor or a friend for child care or that its simple to succeed. I grew up poor with a single mother and my success was definitely not easy, hard work is not always recognized or rewarded especially as a black man or woman so miss me with that crap. I just wish I could afford to have your view of the world, must be nice. If I told my son that success was simple and to just work hard I would have done him a disservice because a lot of time in the workforce its not the hard worker who gets rewarded, I had to tell him how the game is played. I used to have faith in people but after getting **** on several times because my hard work made people nervous or they just did not like me I realized you cannot have faith in most people.
A plan to increase to $10/hr should pass with no issue. Raise to $8/Hr effective July 1st, $8.75 January 1st 2022, $9.50 July 1st, 2020, and $10/hour January 1st, 2023. Include annual inflationary adjustments.
Obviously raising minimum wage higher than anyone else sets you up to be the next global financial hub or silicon valley. Its certainly not because of great climate or being the highest concentration of wealth for over 300 years.
I’m also curious, 20 years ago you legitimately could just get your neighbors to watch your kids for 9 hours a day every day uncompensated? As long as you didn’t have pride? Trickle it down baby!
Can anybody link me to the argument that the economy will catch up to the raise increase and that's a bad thing? I am not really understanding what that means?
Given that min wage was $11.08 ~50 years ago, you think it would be a no brainer. The last time Congress raised the min wage (in 2007) from $5.15 to $7.25 over a 3 years period, it passed easily in the Senate. In the House, it also passed easily, but 60% of Republican was a NOES.
If min wage not only kept up with inflation, but productivity, it would be about 25 an hour Wouldn’t have to ask the sweaty guy downstairs to watch your kids with that type of wage
$11.08 is inflation adjusted to 2021. I'll take $11 + CPI yearly adjustment. $15 with no adjustment mean that in another 10 years, we are back to this stupid argument again.
What I suspect is that when the minimum wage is increased to $15 an hour, it is going to hurt rural areas quite a bit. Rural and small towns where jobs are already hard to find. So we may see more people move to population centers. I also think we will see an even quicker push towards computer and robotic workers/automation. That will mean additional job loss. However, overall for the poor working class I think it will be a positive. We may see even less stay at home parents though.
You realize if we get more than one 99er in a location That would the biggest location of superior human beings on the planet @Ziggy
On robotic and automation - would you target that to get rid of $30k/yr cost or $100k/yr cost? Accountant, paralegal, phone support, drivers, medical diagnostic, xray analyzers, .... the area with the best ROI is clear. It's also very hard for robot and automation to replace non-routine works, such as janitors, hotel workers, care takers...
Musk is a true 99'er. Sold his first company to Compaq for 307M in Feb' 1999. A month later he started x.com, which we all know eventually became PayPal.
I think the 30K a year for now, because it is easier at this point. I am looking largely at the service industry. There will still be some jobs, but the amount will decrease. For example a place like McDonalds may have 8-10 employees when busy, but will likely use interactive touch screens to replace a lot of order takers. There will no longer be a need for multiple drive through tellers. So we may have 3-4 workers instead of 8-10. As for janitorial jobs, I think we will see a decrease in those jobs as well. Rather than having 2-3 janitors, there will likely be one janitor with machines doing the floors, etc. We have already seen it with some of the more labor intensive jobs in factories. We are on the cusp of the most significant economic change since the Industrial Revolution and there are going to be serious growing pains. The labor force was already artificially higher than what we were used to with so many mothers working outside the home. We may now see a return to more parents staying home. It appears that the response from the governments around the Western world is going to be to tax these new methods of automation and then providing subsidies to people through direct payments or perhaps an increase in "free" public services to off set job loses. In the interim, the Democrats need to be careful with a flat $15 an hour increase on the minimum wage. The result is going to be increased costs for food and goods and services. Are people that make $50,000 a year or more going to be happy with this? They will not personally see any real benefit other than increased costs of living and possibly higher taxes. We will see an increase in the unemployed, and we will start hearing people complain it is hard to get a job. We will also see less people in overall poverty. I think we may also see marriages last longer for no other reason that if both are working and making $15 an hour to start, they will be able to afford better housing. While costs go up, they will not go up as high as the wage increases will.
Can you direct me to something explaining how these mechanisms work, I understand labor cost will increase but I also guess prices will rise because of demand? Nobody is actually doing a deep dive into pros and cons kinda like the health care debate. It's also happening with the stimulus stuff I need to read up on why inflation would be an issue I guess kind of the same forces?
