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Yeah! New York state just raised the minimum wage to $15/hour. So happy for my grandson and many of my neighbors.

By Spinliesel
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11 comments

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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 The study, published as a working paper Monday by the National Bureau of Economic Research, has not yet been peer reviewed.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.

[washingtonpost.com]

TheMiddleWay Level 8 Jan 2, 2019
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NY and 16 other states are trying this
experiment." I hope my grandson with uuse the additional dollars to pay back his college loaNs a bit faster, but I fear the first few month, the car parts dealers will benefit from it. How many spoilers can you install on a car/

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I think that's just for NYC.

maturin1919 Level 8 Jan 2, 2019
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Yes, you are right.

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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

JesseThompson Level 6 Jan 2, 2019
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Saw that. Real-estate mongers flooded the market with overpriced properties.

DruskiGRam Level 2 Jan 2, 2019
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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.

doug6352 Level 7 Jan 1, 2019
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Hope your grandson has greater ambitions.

callmedubious Level 6 Jan 1, 2019
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A better job doesn't equal "greater ambitions".

"You're not your fucking khakis"....

Yes, he wants a faster car!

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Yay!

GinaKay Level 7 Jan 1, 2019
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Woot for NY!!

HippieChick58 Level 9 Jan 1, 2019
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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.

Wangobango3 Level 7 Jan 1, 2019
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Businesses may not "deserve" to stay in business but the reason a they are in "business" is to make a profit otherwise it is considered a hobby. It may not be morally right for the worker but business owners/corporations are only concerned with their bottom line. I'm all in favor of having workers get paid a higher minimum wage but where is that extra money going to be coming from? If the Big Mac isn't going to go up in price then where do you think it is going to come from? The business owner's pocket?

@jsbach the min.wage is $22 in Australia. The price of a Big Mac is within 25 cents of one in the USA with adjustments made for currency differences.

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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.

jsbach Level 5 Jan 1, 2019
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Lies.

@Gooniesnvrdie How , in your opinion, is what I said are "lies?" It is great for the worker to go up $5,6,7 per hour more than what they were getting but where is the owner/corporation going to get that extra amount now? Do you think they are going to take it out of THEIR pocket? It has to come from somewhere. I see only three possible choices: 1. raise the price of the goods sold, or 2. cut back on workers/workers hours, or 3. hire illegals and pay them under the table cheaper wages. Do you see any other way? So, what are my "lies?"

@jsbach Those aren't your lies. They are the lies of corporations trying to scare people I to not pushing for more compensation for their time.

@Gooniesnvrdie ,
The raise could at least partially come out of the owner's pockets.
If we're going to decrease income inequality there's no way it will happen just by raising min wages.
But the super wealthy will never voluntarily pay more taxes. If they paid as much as in other developed countries then a fair comprehensive health Care system would be possible.

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Welcome to the unemployment line.

Veteran229 Level 7 Jan 1, 2019
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What? Don't you get it that if people don't get a fair wage they cannot spend the money and the economy will die.

@Jolanta Dont you understand ignorant regulatory legislation like this leads to people being replaced with machines? Lower/abolish rediculous taxes if you want people to have money. Like the bagel cutting tax, or the soda tax.

@Veteran229 Dude, people are being replaced by machines anyway. Capitalism drives this move and always will. When they figure out how to replace YOU with a machine, they will.

@maturin1919 And now they are even more incentivised. Thanks to higher minimum wage.

@Veteran229 More 'incentivized' for the inevitable? Please. It's already happening and has been since the industrial revolution.

@Veteran229 I want people to have taxed and a fair distribution of profits too. The so called ignorant regulatory legislations keep people safe from unscrupulous people, just in case you did not know, and as far as taxes they pay for all those wars that the US is involved in around the world. Of course it would be much better for everybody if the money were invested inside the country instead.

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