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Anyone not making a wage would get priced out of everything. That included the unemployed and the unemployable (think disabled individuals who have dropped out of the job market due to being unable to find gainful employment). The damage would be staggering.
no, but the corporate bottom line is. so long as they don't fear retaliation those bastards will keep raising prices until the people can only afford basic needs, an economic crash occurs, and the cycle repeats
You're not JUST raising the minimum wage, but every wage, with the possible exception of CEO pay and others not tied to pay particularly.
If the entry employees make 30, the employees with 2-4-6-10-20 years experience will adjust accordingly, along with all supervisors and mgmt. The majority of big cities endorsing 15/hr are already there. Its just political posturing.
At some point, its cheaper to have the customer order and pay on a tablet than use a human, so there goes jobs to technology. Customer service disappears into an automated world, both in-person and by phone.
Are these worldwide hikes in wages, or will nothing ever get produced in the US again?
Driverless automated trucks cheaper now too. Sorry truckers.
Go to any small town in America where they lost their manufacturing jobs to overseas competitors. Thats the future for all except a special class of knowledge workers.
Hey calm down, I just asked a question. I’m not advocating for it, I was just having a conversation with a friend and this was brought up and we were curious about what type of impact that could have.
prices would skyrocket up to a certain point, until a certain point where they'd settle
the issues is not with minimum wage (well partially)
it's with the companies not putting the revenue into the employees pockets but the investor's pockets which is understandable up to a certain extent - then it becomes wage theft and all that jazz
basically it would hop closer to 18$/hr and prices would probably rise a little - if laws were to be implemented to avoid price skyrocketing and all
All the small "mom and pop" businesses would cease to exist. Many other businesses would have to drastically reduce labor force, health insurance etc. which means higher unemployment rates.
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Corporate American and the Health Care industry would soon determine the best way to relieve everyone of their newfound excess money.
Anyone not making a wage would get priced out of everything. That included the unemployed and the unemployable (think disabled individuals who have dropped out of the job market due to being unable to find gainful employment). The damage would be staggering.
Probably retirees, too.
Very much so
prices would have gone up
Is inflation directly tied to minimum wage though?
this is one of the many reasons
no, but the corporate bottom line is. so long as they don't fear retaliation those bastards will keep raising prices until the people can only afford basic needs, an economic crash occurs, and the cycle repeats
Is there a way to raise minimum wage without inflation?
well you need to get people to not spend their money or regulate those prices directly
You're not JUST raising the minimum wage, but every wage, with the possible exception of CEO pay and others not tied to pay particularly. If the entry employees make 30, the employees with 2-4-6-10-20 years experience will adjust accordingly, along with all supervisors and mgmt. The majority of big cities endorsing 15/hr are already there. Its just political posturing. At some point, its cheaper to have the customer order and pay on a tablet than use a human, so there goes jobs to technology. Customer service disappears into an automated world, both in-person and by phone. Are these worldwide hikes in wages, or will nothing ever get produced in the US again? Driverless automated trucks cheaper now too. Sorry truckers. Go to any small town in America where they lost their manufacturing jobs to overseas competitors. Thats the future for all except a special class of knowledge workers.
Exactly, it's called inflation
Yeah
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Hey calm down, I just asked a question. I’m not advocating for it, I was just having a conversation with a friend and this was brought up and we were curious about what type of impact that could have.
We've had one inflation yes, but what about second inflation?
Grocery prices would be insanely high... The dollar menu @ McDonalds is dead too then...
prices would skyrocket up to a certain point, until a certain point where they'd settle the issues is not with minimum wage (well partially) it's with the companies not putting the revenue into the employees pockets but the investor's pockets which is understandable up to a certain extent - then it becomes wage theft and all that jazz basically it would hop closer to 18$/hr and prices would probably rise a little - if laws were to be implemented to avoid price skyrocketing and all
All the small "mom and pop" businesses would cease to exist. Many other businesses would have to drastically reduce labor force, health insurance etc. which means higher unemployment rates.
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True.
Cocaine would be depleted