I don’t care. Downvote me. We need a livable minimum wage, $15/hr. is a good start, but it has to be backed by lower taxes and price controls on food and rent.
I recommend you read Basic Economics by Thomas Sowell. He talks extensively on price controls in the chapter on prices, and particularly focuses on price controls on food and rent. Long story short, price controls sound like a good idea, but they lead to shortages.
I haven't gotten to the chapter on minimum wages yet, but from his other works I know he says they also lead to the opposite outcomes of what they're supposed to.
Yup, hiking the minimum wage creates a shortage of jobs. If you look at the modified Phillip's curve, the wage setting positively affects unemployment. So, basic understanding of economics tells you increasing the minimum wage increases unemployment. These mouth breathers are advocating against their own jobs. Obviously, you will also have higher input prices which leads to inflation
I don’t care. Downvote me. We need a livable minimum wage, $15/hr. is a good start, but it has to be backed by lower taxes and price controls on food and rent.
I recommend you read Basic Economics by Thomas Sowell. He talks extensively on price controls in the chapter on prices, and particularly focuses on price controls on food and rent. Long story short, price controls sound like a good idea, but they lead to shortages.
I haven't gotten to the chapter on minimum wages yet, but from his other works I know he says they also lead to the opposite outcomes of what they're supposed to.
Yup, hiking the minimum wage creates a shortage of jobs. If you look at the modified Phillip's curve, the wage setting positively affects unemployment. So, basic understanding of economics tells you increasing the minimum wage increases unemployment. These mouth breathers are advocating against their own jobs. Obviously, you will also have higher input prices which leads to inflation
Yep. If you want to raise wages you need a shortage of workers.