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The jobs were created in an area with maybe 5 million people. The minimum wage only affects Seattle proper. Maybe 500k people and is phased in over five years. Don't get too excited.
That is what I was thinking I remembered its not fully gone into effect even. Seems eher mnay already make what the start was already.
Look to the right.. notice the 3 months of LOSSES preceding?
Yes, thats called the difference between fear being spread by folks, and the reality.
Historically theres very little correlation between minimum wage raises, and employment. And people on the right and left both try desperately to make one.
Seattle proper, where the $10 (not $15) minimum is now in effect is about 650,000 population, or less than one in 5 of those represented on the graph. The whole thing is one big fail.
Yes, thats called the difference between fear being spread by folks, and the reality.
Historically theres very little correlation between minimum wage raises, and employment. And people on the right and left both try desperately to make one.
if you dont think an increase in costs, results in things costing more, then explain to me why we dont put everyone in welfare, up in multi million dollar penthouses...
The law of demand is that demand curves virtually always slope downward. As price goes up, quantity demanded goes down. As the minimum wage goes up, the demand for low skill workers goes down. It is just that simple. WHy does the left hate science?
As with most econ 101, it is stipulated "all other things being equal." Since Seattle happens to be in a boom economy right now due to the growth of Amazon and others, all other things are not equal. Seattle-area unemployment is currently 3.7%. I wonder how many workers in Seattle were even effected by the $10 minimum wage. If you're selling your labor for under $10/hr in the context of 3.7% unemployment, you should be looking for another job or negotiating with your boss for a raise.
Um.. anyone notice that 3, 4 and 5 months ago in the chart, Seattle LOST employees, and it looks like since the law was passed, they lost employees in the field at least 25% of the months?
dah.. its like a rubber band.. when you lose, lose, lose, at some point its going to snap back.
Conservative myth has not bee 'destroyed'..
Well it ought to be since its a stupid myth. Raising the "minimum wage" can only cause massive job losses if there is an opportunity for arbitrage as in across a state line , the low wage restaurant puts the high wage one out of business. Otherwise everyone dips in the same labour pool. Ever notice doctors having high wages don't cause hospitals to go out of business cause, ya know, they all have to pay the same price for labor?
Otherwise its just a small DWL which might cause some marginal declines in total output depending on the state of the work force and to the extend they are being subsidized by da guberment. Having recently been in Finland I was told a big tip is not a requirement since they are well paid. Seems like the place isn't falling apart with social decay and having to beef up the local police force. WTF?
All increasing minimum wage does is a back handed way of reducing fixed financial assets like cash in the mattress and debt since it drives cost push inflation...all it ever does. I wish the Republicans would smarten up cause I really have no other place to go. Why do they have to be such idiots these days? Why are they such drooling morons? what happened to them?
Most of our labor costs are driven up by FIRE sector bloats and rents and consumer debt. Can't have cheap labor when its a $1000 a month rent and an expensive lengthy commute.
Well it ought to be since its a stupid myth. Raising the "minimum wage" can only cause massive job losses if there is an opportunity for arbitrage as in across a state line , the low wage restaurant puts the high wage one out of business. Otherwise everyone dips in the same labour pool. Ever notice doctors having high wages don't cause hospitals to go out of business cause, ya know, they all have to pay the same price for labor?
Otherwise its just a small DWL which might cause some marginal declines in total output depending on the state of the work force and to the extend they are being subsidized by da guberment. Having recently been in Finland I was told a big tip is not a requirement since they are well paid. Seems like the place isn't falling apart with social decay and having to beef up the local police force. WTF?
All increasing minimum wage does is a back handed way of reducing fixed financial assets like cash in the mattress and debt since it drives cost push inflation...all it ever does. I wish the Republicans would smarten up cause I really have no other place to go. Why do they have to be such idiots these days? Why are they such drooling morons? what happened to them?
Most of our labor costs are driven up by FIRE sector bloats and rents and consumer debt. Can't have cheap labor when its a $1000 a month rent and an expensive lengthy commute.
Actually what you say isnt true. First hospitals dont pay the same price of labor, and many of them do go out of business.
And if a minimum wage increase is a back handed way of reducing fixed assets, then this makes those who who argued that it increases costs and thus pushes jobs overseas a valid argument.
After all, why pay for more here if you can get it less elsewhere.
if you dont think an increase in costs, results in things costing more, then explain to me why we dont put everyone in welfare, up in multi million dollar penthouses...
OK real easy. Say I sit around on my porch all day with free slave labor at my beck an call. Suddenly that jerk bag all Lincoln like done goes and frees them. So now they want a buck. Now I have to get off my ass and go to work raising total output with me now doing work. Them dirt back former slave might begin to accumulate property and hold onto capital creating competitive forces of rival accumulated capital.
So not only do we have a producer surplus which might lead to more capital like in some poor waiter working on his acting abilities . It might even shake rentiers sitting on their ass . But ya'll don't see it that way because you would not know a labour surplus from a hole in the ground from what occurs with a rising producer surplus. When worker bees don't make honey it does not impact the utilization of the labour surplus, then you have a real rise in price at the macro level.
OK real easy. Say I sit around on my porch all day with free slave labor at my beck an call. Suddenly that jerk bag all Lincoln like done goes and frees them. So now they want a buck. Now I have to get off my ass and go to work raising total output with me now doing work. Them dirt back former slave might begin to accumulate property and hold onto capital creating competitive forces of rival accumulated capital.
So not only do we have a producer surplus which might lead to more capital like in some poor waiter working on his acting abilities . It might even shake rentiers sitting on their ass . But ya'll don't see it that way because you would not know a labour surplus from a hole in the ground from what occurs with a rising producer surplus. When worker bees don't make honey it does not impact the utilization of the labour surplus, then you have a real rise in price at the macro level.
The law of demand is that demand curves virtually always slope downward. As price goes up, quantity demanded goes down. As the minimum wage goes up, the demand for low skill workers goes down. It is just that simple. WHy does the left hate science?
As with most econ 101, it is stipulated "all other things being equal." Since Seattle happens to be in a boom economy right now due to the growth of Amazon and others, all other things are not equal. Seattle-area unemployment is currently 3.7%. I wonder how many workers in Seattle were even effected by the $10 minimum wage. If you're selling your labor for under $10/hr in the context of 3.7% unemployment, you should be looking for another job or negotiating with your boss for a raise.
Agreed. Romneycare worked while his state was doing fairly well before the crash. After the crash, not so good.
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