Why raising the minimum wage to $15/hour would destroy jobs, via the laws of Supply & Demand (Page 2)
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Where I live minimum wage is only $7.25-$7:50. There supposed to be changing it to $10.00 an hour but I don't know when that's going to happen. Man Louisiana sucks...
Finally, someone with a basic understanding of economics.
Not saying that your understanding of economics is basic, but that the concept you wrote about is basic yet so many people don't understand it.
How do you write an entire piece about the economic impact of raising the minimum wage and never mention inflation.
I mention inflation many times in the comments, how deflating the dollar would help allievate the problem since those $8 are worth more now. Raising the minimum wage causes more inflation. Printing less money, taking money out of circulation, and raising interest rates.
But yeah I should have mentioned it directly. I was mainly concentrated on supply and demand
I think that's the main issue most people are having with your post. You can't use Econ 101 to explain the full effects of raising minimum wage like that. From what I've read there are economist on both sides of this debate. I'm no economist so I'm definetly not qualified enough to explain this stuff I pretty much came in here just to see if I could learn something. But I highly doubt Milwaukee and New York would have adopted this idea without thinking it through first. And I doubt Bernie Sanders would've proposed it if it was so obviously flawed from his track record in congress I just don't see him as the type of person to not at the very least consult someone who knew what they were talking about. I wish I knew more so we could talk it out but I just don't feel competent enough in my economic skills to go around trying to persuade people yet. Nevertheless you made a strong argument for your position.
very nice take!
this made me think of my economic class today -_-'
Yes thats why you shift the curves instead to achieve higher wages
Yeah you need a tldr, otherwise economist are spit 50/50 on raising the minimum wage. So who knows if it's good are bad
Anyone who seriously thinks this write-up was TLDR does not deserve to vote.
How about we talk about the ridiculous salaries of executives first? By lowering those you could raise the salaries of employees.
I think Japan still has a rule that no major exec can make more than 10 times that of the lowest entry-level or floor mopper.
Made some econ library memories back 😂