this post was submitted on 23 Sep 2024
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raising min wage doesn't raise prices... that's conservative bullshit
"we find prices grow by 0.36 percent for every 10 percent increase in the minimum wage."
"The economy" is just money in motion. Like how electric charges moving create light, moving money carries and creates value in the exchange. When rich people soak up money from millions of people, they destroy all that value and the economy stagnates. When millions of people are given money and then spend it in millions of ways, the global economy improves.
We optimize our economy around stagnate money sitting in septic pools, when we should be trying to build an ocean of money that never stops flowing.
They never took econ 101 and don't understand that elasticity is a thing. They think that literally all costs are passed to consumers.
Prices are rising on their own, before any wage hikes prices had risen already.
Have you accounted for the "wages" of the shareholders?
Dividends are not wages.
Assuming that math is linear, a $15 an hour minimum wage would be 100% increase and responsible for an additional 3.6% inflation. We can argue about whether or not this increase I’d wroth it, but it is hardly 0.
That being said, I suspect this math has changed since Covid. Wages have generally gone up I would not be shocked if many companies are already paying their formerly min wage employees more. The fewer people between 7.25 and $15 the lower the impact on “the economy”.
Can't wait for somebody to figure out how to spin wages being mismatched from productivity, and the resulting corporate profits as a net reduction in tax revenue and reduced market participation per capita, then start teaching the MBAs this.