Yeah! New York state just raised the minimum wage to $15/hour. So happy for my grandson and many of my neighbors.
The city is gradually increasing the hourly minimum to $15 over several years. Already, though, some employers have not been able to afford the increased minimums. They've cut their payrolls, putting off new hiring, reducing hours or letting their workers go, the study found.
The costs to low-wage workers in Seattle outweighed the benefits by a ratio of three to one, according to the study, conducted by a group of economists at the University of Washington who were commissioned by the city. The study, published as a working paper Monday by the National Bureau of Economic Research, has not yet been peer reviewed.
On the whole, the study estimates, the average low-wage worker in the city lost $125 a month because of the hike in the minimum.
Economy is not a hard science but rather one of trial and error. We can't really predict what effect an economic decision will have but we have to rather "dive in head first" and see if the pool is full or empty.
In this case, preliminary (and non-peer reviewed) data is confirming the doubts of many of us that a 15/hr wage hike is not solving the problems it alleges it can solve.
All.the worry of robots taken over is well founded ,and can go at least two different ways
The first way ,human kinds collective work.for centuries be ignored and only the rich get to reap the benefits of robotic systems
Second way everyone gets a fair life by perhaps a mixture of universal income and or owning and being responsible for their robots work that they own
Robot works makes money ,you save the money for repairs and the rest is yours
Minimum wage laws do not require any employer to hire anyone. They just make it a crime to hire someone and pay them less than the minimum wage. Such people may often be teenagers without any work experience, and the minimum wage law can make it more likely that they will never get any experience. Minimum wage laws also give employers an extra incentive to replace people with robots.
Every jurisdiction that has increased the minimum wage significantly has experopienced a boost to their economy. And no, Big Macs won't go up in price unless MacDonald's decides to gouge their customers. If a business can only survive by paying slave wages they don't deserve to stay in business. Someone else will take their place.
Now that it's gone up to $15/hour just wait until you go to McDonald's and see what you'll now be paying for your Big Mac! Do you really think businesses are not going to raise prices or cut staff to keep their bottom line from dropping? Or the business owners will become even more creative and figure out illegal ways around this mandatory raise. I bet the prices will go up and with less staff you will be waiting even longer than before. We will see.