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Old Yesterday, 12:34 PM
 
Location: Near Falls Lake
2,810 posts, read 1,922,238 times
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Quote:
Originally Posted by PCALMike View Post
Of course people making an average of $14-15 an hour will increase their leverage when the minimum wage is $15. Thats the whole point. Thats a true rising tide lifting a lot of boats. Not simply the people at the rock bottom. It improves the bargaining power of huge numbers of people. Not simply the cashier. How much does an ambulance driver make? Typically $12-13 an hour. Tour guides and travel guides make significantly less than $15 now as well. Same with warehouse workers, recreation workers (on RV camps, civic and social organizations etc), childcare workers etc etc.

Whats so great about these low wages? Time for a big raise.
If you think there will be no impact due to inflationary wage pressures you are sadly mistaken. Over time, those on the lower end will be back where they started. I take it you didn't seriously study economics or ever own a business.
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Old Yesterday, 12:47 PM
 
12,953 posts, read 4,670,892 times
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Quote:
Originally Posted by carcrazy67 View Post
If you think there will be no impact due to inflationary wage pressures you are sadly mistaken. Over time, those on the lower end will be back where they started. I take it you didn't seriously study economics or ever own a business.
I didnt say "no impact" on inflation, but it is vastly overstated. There will be no 50% or 100% inflation as a result of a $15 minimum wage. It doesnt work like that. And has never worked like that. California and Arizona have both increased the minimum wage sharply in the last few years, and the inflation has not skyrocketed at all. People who say workers will be back where they started when they get a raise are just trying to convince ordinary people to fight against their own interest.
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Old Yesterday, 12:49 PM
 
12,953 posts, read 4,670,892 times
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Quote:
Originally Posted by Eeko156 View Post
Then that would be a great thing and would actually help people. I just look at how rapidly rents have risen in my area and that is without a raise in the min. wage.
Yes, a lot of factors are involved when it comes to rents, and the minimum wage is just a small part of it.
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Old Yesterday, 01:36 PM
 
Location: Silicon Valley
3,632 posts, read 1,639,372 times
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Quote:
Originally Posted by PCALMike View Post
I didnt say "no impact" on inflation, but it is vastly overstated. There will be no 50% or 100% inflation as a result of a $15 minimum wage. It doesnt work like that. And has never worked like that. California and Arizona have both increased the minimum wage sharply in the last few years, and the inflation has not skyrocketed at all. People who say workers will be back where they started when they get a raise are just trying to convince ordinary people to fight against their own interest.

Not inflation on everything....but there's been lots of inflation in areas staffed by minimum wage workers here. Substantially all small restaurants have increased their prices. Lower end rents have increased.


It makes sense really. If you don't receive a raise by increasing value of inputs, but rather simply by government mandate, than you've basically raised a tariff. Rest assured that business will respond, by forcing increased productivity in the form of automation, raising prices...or if neither is possible, closing their doors.



Besides, a minimum wage disproportionately affects more rural areas, where there are fewer customers to pass off increased costs to, and less scale to be achieved via automation.
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Old Yesterday, 02:00 PM
 
12,953 posts, read 4,670,892 times
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Quote:
Originally Posted by artillery77 View Post
Not inflation on everything....but there's been lots of inflation in areas staffed by minimum wage workers here. Substantially all small restaurants have increased their prices. Lower end rents have increased.


It makes sense really. If you don't receive a raise by increasing value of inputs, but rather simply by government mandate, than you've basically raised a tariff. Rest assured that business will respond, by forcing increased productivity in the form of automation, raising prices...or if neither is possible, closing their doors.



Besides, a minimum wage disproportionately affects more rural areas, where there are fewer customers to pass off increased costs to, and less scale to be achieved via automation.
California, Arizona and Maine have seen tiny inflation increases. There's simply no way that this tiny inflation has eaten up all the wage gains, which have been substantial. Anecdotes dont count.
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Old Yesterday, 02:17 PM
 
Location: Silicon Valley
3,632 posts, read 1,639,372 times
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Quote:
Originally Posted by PCALMike View Post
California, Arizona and Maine have seen tiny inflation increases. There's simply no way that this tiny inflation has eaten up all the wage gains, which have been substantial. Anecdotes dont count.

Correct. No inflation here. COL living problem. Mission Accomplished.


As a landlord, I should just shut up and be grateful for San Jose continuously raising the minimum wage.



https://www.rentjungle.com/average-r...e-rent-trends/
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Old Yesterday, 02:58 PM
 
Location: Ohio
19,969 posts, read 14,268,565 times
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Quote:
Originally Posted by carcrazy67 View Post
If you think there will be no impact due to inflationary wage pressures you are sadly mistaken.
Quote:
Originally Posted by PCALMike View Post
I didnt say "no impact" on inflation, but it is vastly overstated.
You're wrong about that.

Within about 18 months, it will be as though there never was a minimum wage increase.

All those people living paycheck-to-paycheck will still be living paycheck-to-paycheck.

All those people who have $1,200 in tattoos but can't put $400 in a bank and leave it alone will still not have $400 for an emergency.

So, in the end, you're right back where you started.
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Old Yesterday, 03:12 PM
 
8,080 posts, read 7,328,360 times
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Basically, they're catching up to inflation that's already occurred, usually in housing and apartments. These federal minimum wage hikes always occur late in the cycle after the cost of everything has run up (1980, 1990, 2000, 2007, and now), while the states and cities have already raised theirs. People normally not considered for hire are getting jobs without employer checks.
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Old Yesterday, 04:01 PM
 
52,076 posts, read 41,881,580 times
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Quote:
Originally Posted by Supposn View Post
H.R. 582, “Raise the wage act” is a good bill, but opponents of the bill will refrain from mentioning the minimum hourly rate will not be $15 until 7th year after the bill's passage.

In the likely case that it's not passed through and added to our federal statutes, I urge U.S. Congressional members to continue striving and pass a bill that would increase the minimum wage rate by 12.5% of its purchasing power until it attains 125% of its February-1968 purchasing power. Thereafter the rate should be monitored and annually adjusted to retain that purchasing power.
What about some sort of cost of living adjustment for state\city\region?

Makes zero sense to have it be the same in Manhattan (NY) and Manhattan, KS.
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Old Yesterday, 05:32 PM
 
763 posts, read 162,644 times
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McDonalds employment is down 50% since 2015 when the demand for $15/hour took hold with those walkouts.
In 2015 McDonalds employed 420K workers. In 2018 McDonalds employed 210K workers.
McDonalds invested $6 billion dollars in revamping all of their restaurants. 6-8 self serve kiosks and 1 human cashier.

In that time the stock has gone from $97/share to $213/share
They were able to reduce their expenses and still produce a yoy increased net income even though total revenue was down and had been declining since 2015.
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