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All I can say is wow...and I usually vote liberal. Wow. 15/hr?! Can you imagine what they would do for so many shops and grocery stores, especially those that are locally owned? To have their costs increases by 20% or more in an already expensive tax city?
All this would do is hurt the middle class and the lower class, as costs would just be hyper inflates because of it. Actually, the middle class would be hurt the worst because they would likely see no raise but a raise in prices.
This is seriously ridiculous.
If the minimum wage had kept pace with the rate of inflation, it would be over $15 an hour already. If it had kept up with increases in worker productivity, it would be even higher. Real wages have been declining in real terms for more than 3 decades. I am sick about hearing how tough businesses have it. They've been pocketing virtually all worker productivity gains for more than a generation. Something needs to change.
If the minimum wage had kept pace with the rate of inflation, it would be over $15 an hour already. If it had kept up with increases in worker productivity, it would be even higher. Real wages have been declining in real terms for more 3 decades. I am sick about hearing how tough businesses have it. They've been pocketing virtually all worker productivity gains for more than a generation. Something needs to change.
Wages are tied heavily to supply and demand though, and less on the value of the dollar. Worker productivity is heavily related to technology, so that's already accounted for. Because there are a high number of unemployeds, beggars can't be choosers.
Wages are tied heavily to supply and demand though, and less on the value of the dollar. Worker productivity is heavily related to technology, so that's already accounted for. Because there are a high number of unemployeds, beggars can't be choosers.
And that is why we have things like a minimum wage so that employers can't take full advantage of people seeking a job.
your crystall ball must be from some leftist college professors office because if you really new anything about the minimum wage, it was never meant to be a living wage but an entry level wage for people starting out in the work force.
Where are all the manufacturing jobs that people started working at after they did their stint in the entry level world?
And that is why we have things like a minimum wage so that employers can't take full advantage of people seeking a job.
LOL!!!
Please, I hope you are not serious. Raising minimum wage arbitrarily is no different from printing money.
$5 a loaf of bread = $1 profit + $2 material cost + $2 labor.
Assuming the current minimum wage is $10, then adding 50% increase to $15 would be like this:
$1 profit + $2 material cost + $3 labor = $6 a loaf of bread.
The $2 material cost may also go up as the minimum wage for people producing all the materials must also be raised, making the bread even more expensive.
$1 profit + $3 material cost + $3 labor = $7 a loaf of bread.
Since now the company making the bread must allocate a lot more money to cover increased material cost and labor, they need to maintain at least the same level of profit, so the calculation would go:
$1.5 profit + $3 material cost + $3 labor = $7.5 a loaf of bread.
You can't afford $5 bread with $10/hour wage, can you afford a $7.5 bread with $15/hour wage?
Last edited by lifeexplorer; 10-25-2013 at 09:57 AM..
Please, I hope you are not serious. Raising minimum wage arbitrarily is no different from printing money.
$5 a loaf of bread = $1 profit + $2 material cost + $2 labor.
Assuming the current minimum wage is $10, then adding 50% increase to $15 would be like this:
$1 profit + $2 material cost + $3 labor = $6 a loaf of bread.
The $2 material cost may also go up as the minimum wage for people producing all the materials must also be raised, making the bread even more expensive.
$1 profit + $3 material cost + $3 labor = $7 a loaf of bread.
Since now the company making the bread must allocate a lot more money to cover increased material cost and labor, they need to maintain at least the same level of profit, so the calculation would go:
$1.5 profit + $3 material cost + $3 labor = $7.5 a loaf of bread.
You can't afford $5 bread with $10/hour wage, can you afford a $7.5 bread with $15/hour wage?
If it costs a bread company $2 to make a loaf of bread, they have bigger problems than the cost of employees. Also if you are only making a dollar in profit from a loaf of bread before raise increases, then you are really doing a poor job running a business while trying to blame it on the employees.
If it costs a bread company $2 to make a loaf of bread, they have bigger problems than the cost of employees. Also if you are only making a dollar in profit from a loaf of bread before raise increases, then you are really doing a poor job running a business while trying to blame it on the employees.
Can't you tell that is just an example to show you why raising minimum wage is stupid?
And for those who don't understand that, may be that is why they are making minimum wage? Can't we work on that first?
Can't you tell that is just an example to show you why raising minimum wage is stupid?
And for those who don't understand that, may be that is why they are making minimum wage? Can't we work on that first?
I am just pointing out that if your product has such a high cost to make with a low profit turnout, then you are doing something wrong and is basically a business that is in the works to go under.
Do I know you personally? I was asking specifically where you have lived either in each city or outside of each city. And while your personal experiences do mean something to you, I would prefer to look at factual information based on the cost of living to compare the two cities. I don't need to live there to understand that information.
If you want to look at factual information, then you can look at some Forbes magazine articles that were written just as I was leaving Seattle. Despite what some people think, LA, Frisco, NY, and other cities did NOT make it to #1 as the most expensive city to live in.
Seattle did. In 2005, Seattle was ranked #1 overpriced city by Forbes. Miami was #12. That was when I got to Miami, finally, after leaving Seattle, so my observations are correct, despite what you may think.
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