Even more interesting is when you really dig into the weeds. For example, half of all those 'lost' jobs are estimated to be from teens working at the minimum wagepic.twitter.com/Gds1XdkUK0
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Even more interesting is when you really dig into the weeds. For example, half of all those 'lost' jobs are estimated to be from teens working at the minimum wagepic.twitter.com/Gds1XdkUK0
This is a problem that is quite easily solvable. In Australia we have age-adjusted minimum wages for precisely this reasonpic.twitter.com/8qZw2uJ7uh
Also, the uncertainty here is M A S S I V E Here's the table of studies that the CBO used to derive its estimates. A positive number indicates that minimum wage hikes ~increase~ employmentpic.twitter.com/TVQQ18KR9r
Of course! It's the Post. Conservatives can't imagine that increasing most people's slices actually increases the size of the pie.
It's not just that, higher wages means more automation = fewer jobs + companies just using fewer people to get the same work done = fewer jobs + higher wages means less experienced people aka the people who need a job the most have fewer jobs available. Its common sense
The CBO report doesn't disaggregate those, they just calculate an average change in employment due to minimum wage increases including all potential impacts with the fixed assumption
There's a certain inevitably about this. Paying people more for no greater output by definition means higher prices. Higher prices inevitably means some reduction in consumption and production. That bit is simple.
But higher wages lead to higher consumption. It’s a two-sided equation. Some people forget that.
Are they under the impression that wages, once paid, simply evaporate? People who make minimum wage SPEND pretty much everything they make - often at the same type of places they work. Double their pay, double their spending.
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