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People are scared of less jobs but that should be the goal.
We already reached the threshold that allows everybody to work only a fraction of what is considered normal, and still have everything we could ever want.
"Everybody needs a job" is a mindset that should have been obsolete for a long time.
Joke's on us, fast food jobs were replaced by touch screens anyway.
Corporations were bragging about record profits not that long ago, and then basically admitted to price gouging. Folks are extremely underpaid in most areas. Not shocked at all.
Our corporation funded a study that says this study is wrong. /s
Increasing minimum wage puts more money in the economy which people will spend which puts more money in businesses so they can pay their people more putting more money in the economy.
The only reason the wealthy don't like this is because their money passes through the hands of the unclean masses instead of going directly into their offshore tax haven accounts.
The only reason the wealthy don't like this is because ~~their~~ our money passes through the hands of the unclean masses instead of going directly into their offshore tax haven accounts.
Ftfy
Well corrected.
Yep.
Give a rich man a dollar and all you've done societally is remove a dollar from the economy. If you instead make him give that money to his employees things change, but cause poor people actually need money and will spend it.
You give a poor person that dollar through increased minimum wage and they spend it at a business. That business now makes more money, which is passed on to its employees through the increased minimum wage, and they spend that dollar again.
And again.
And again.
That dollar you took from the rich and gave to the poor drove a lot more than a dollar's economic activity.
OH - and it's also taxed every time it changes hands, so it also brings in more than its initial value in tax revenue.
In Brazil, a LinkedIn "influencer" was roasted because he said the if you a 100 to a rich person they would invest it and "make it" into 120 in a year, while of you give the same 100 to a poor person, that money is "lost" immediately.
Maybe an analogy makes it clearer: the economy is the blood flow, formed by services and products. Money if the fat in the blood. It's necessary for the system and without it it doesn't work right. But if it forms a clot then there a problem.
Have we not known this for years?
Card & Kreuger has been held up by right wingers for ages as evidence to the contrary but it's a very bad study
I've always used it as an example of when oversimplified chalkboard economics don't match experimental reality.
Are the “oversimplified chalkboard economics” basically the businesses winging about having to pay people more?
What follows is incorrect
It's a price floor, which creates a deadweight loss.
Since we're also consumers, it's a net loss.
Tbf, economics has to presume inequality to be non existent. If they dont, inequality is the overriding factor that makes all the other forces at play pale in comparison. So, they remove inequality.
Again, tbf, in a world with no inequality, where only the very best and brightest rise to the top and not just a endless stream of nepo babies, with whole institutions in place to ensure a lack of social mobility, a national minimum wage would be a bad idea. Just like tax breaks for the rich would fix any problem you had, in that fake - made up world that could never exist.
But, as you allude to, in the real world, things are very different.
Should it not just be integrated in to the supply cost?
Yes, but how exactly that distorts the market is counterintuitive.
No shit
This has been studied over and over and always with the same results. The economy isn't hampered, jobs aren't replaced by machines and overseas workers, the cost of goods doesn't go up, and factories don't close. The main impact is that quality of life increases, health spending increases (now that people can afford to take their kids to the doctor), and corporate profits decrease very slightly.
Especially in this economy of runaway corporate greed, we need a meaningful increase in wages