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The law of unintended consequences is always lurking, ready to pounce on the unsuspecting
Who Does a $15 Minimum Wage Help?
Posted from prageru.com
Economics
Jobs
Posted >1 y ago
Responses: 3
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Some just don't get it. One needs skills or education to earn a living wage.
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Those who want the minimum wage do not understand that as salaries rise, either the price of the product or service must rise, or the company goes out of business, which is a losing proposition to all concerned. The only way out of that is to cut the workforce, which means some workers will be unemployed, and those who remain take on more work for the same pay.
But I guess holding a sign and chanting some inane phrase is more fun than actually thinking this through.
But I guess holding a sign and chanting some inane phrase is more fun than actually thinking this through.
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MAJ (Join to see)
SGT Edward Wilcox - There is an economic term called "elasticity" clearly you need a basic economics course as you lack the fundamental concepts of macro economics.
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SGT Edward Wilcox
CPT Jack Durish - The short answer is, yes, they should be able to earn a reasonable return on their investment. And, yes, they are evil. ;-).
A study done by Purdue University in 2015 shows that, to maintain the same level of profit, the cost of the food at limited-service restaurants, such as McDonald's, would go up approximately 4.3%. Not a lot in the grander scheme of things.
https://www.purdue.edu/newsroom/releases/2015/Q3/study-raising-wages-to-15-an-hour-for-limited-service-restaurant-employees-would-raise-prices-4.3-percent.html
A study done by Purdue University in 2015 shows that, to maintain the same level of profit, the cost of the food at limited-service restaurants, such as McDonald's, would go up approximately 4.3%. Not a lot in the grander scheme of things.
https://www.purdue.edu/newsroom/releases/2015/Q3/study-raising-wages-to-15-an-hour-for-limited-service-restaurant-employees-would-raise-prices-4.3-percent.html
Study: Raising wages to $15 an hour for limited-service restaurant employees would raise prices...
Raising wages to $15 an hour for limited-service restaurant employees would lead to an estimated 4.3 percent increase in prices at those restaurants, according to a recent study.
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SSG(P) (Join to see)
PO1 Chris V. - Raising prices = Adding a Surcharge.
Either way, no matter what you call it, the consumer still pays extra. Semantics don't feed the bulldog.
Either way, no matter what you call it, the consumer still pays extra. Semantics don't feed the bulldog.
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MAJ (Join to see)
SGT Edward Wilcox - Standard restaurant profit margins are less than 2%. With limited service restaurants slightly higher. Your first post and most recent post clearly contradict each other. In the first post you stated "The minimum wage can be increased without raising prices." then you posted a study about raising prices. Please pick a talking point rather than contradict yourself especially if you want anyone to take you credibly.
Secondly a 4% increase is significant especially in markets with high elasticity, (that means significant demand shift over a change in price) a 5% increase in food will have more and more people bringing sack lunches from home rather than ordering out. Again losing more jobs.
Good Forbes Article for you.
https://www.forbes.com/sites/timworstall/2017/04/12/surprise-san-diegos-minimum-wage-rise-appears-to-be-killing-restaurant-jobs/#7455f1f94177
Secondly a 4% increase is significant especially in markets with high elasticity, (that means significant demand shift over a change in price) a 5% increase in food will have more and more people bringing sack lunches from home rather than ordering out. Again losing more jobs.
Good Forbes Article for you.
https://www.forbes.com/sites/timworstall/2017/04/12/surprise-san-diegos-minimum-wage-rise-appears-to-be-killing-restaurant-jobs/#7455f1f94177
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More Prager propaganda. History has shown that raising the minimum wage, slowly, causes an increase in tax revenue, disposable income, and increased economic activity through increased personal spending. The fight is not framed by the Left as a 'war' between employees and employers. That is the Right's doing. The profit margin in most retail businesses is not as razor thin as the video would like us to think. A slow, progressive, move towards a higher minimum wage, such as $15/hr, would benefit everyone.
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CPT Jack Durish
History shows us that, huh? I can't seem to find any historians or economists supporting your contention. Can you help?
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MAJ (Join to see)
SGT Edward Wilcox Completely false, minimum wage only increases disposable income on those few that don't get their hours cut. There is always a net loss when the market is pushed outside of the marginal benefits by the government.
Obviously you have never run your own business or you'd understand how ridiculous your last two sentences are.
Even the Washington Post disagrees with you.
https://www.washingtonpost.com/news/wonk/wp/2017/06/26/new-study-casts-doubt-on-whether-a-15-minimum-wage-really-helps-workers/?utm_term=.c251f418c73d
Obviously you have never run your own business or you'd understand how ridiculous your last two sentences are.
Even the Washington Post disagrees with you.
https://www.washingtonpost.com/news/wonk/wp/2017/06/26/new-study-casts-doubt-on-whether-a-15-minimum-wage-really-helps-workers/?utm_term=.c251f418c73d
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SSG (Join to see)
You cannot just raise the minimum across the board, not all parts of the country have the same cost of living. I could live where I live on half of what it would take to live in say L.A. or New York and more comfortably. This should be a state by state or even city by city.
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Sgt Wayne Wood
@SGT Edward Wilcox you should stay in the military, or find a nice union/gov't job where you are protected from reality
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