Wait, wait wait hold the phone. You mean a massive corporation can eat less profit from one single area of the country so long as the entire rest of their stores and supply chain remains unchanged?
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Seattle City Council votes to phase in $15/hr minimum wage
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Wait, wait wait hold the phone. You mean a massive corporation can eat less profit from one single area of the country so long as the entire rest of their stores and supply chain remains unchanged?
Wait, wait wait hold the phone. You mean a massive corporation can eat less profit from one single area of the country so long as the entire rest of their stores and supply chain remains unchanged?
Both very valid points.
Just for the sake of adding more numbers, the state of Washington ranks 47th in number of workers at minimum wage as a percentage of overall workers. The state has 29k workers at minimum wage. Washington's population is 6.8mm people with Seattle being 684k of the total population. Roughly 10%. If we assume that since Seattle is 10% of the population they're likely 10% of the minimum wage work force that's 2900 people. Hmmm....not a lot. SeaTac has a population of just under 27k people. That's .04% of the population of Washington or 116 minimum wage workers.
What would happen to Texas with 472k people working at minimum wage? That is a 1500+% increase in minimum wage workers state to state.
Every party has a pooper
I'm ok with Seattle and SeaTac doing this little experiment. It's part of that 50 laboratories of freedom sort of thing. Of course you have to get past the idea of your local government, your next door neighbors, telling you how to run your business. Many folks are OK with this.
SeaTac prbably isn't the best example. Anyone ever been there? I have. First of all, the big deal there is the airport. How many airport workers make minimum wage to begin with? That right, not many.
...outside of the immediate airport area, seedy hotels and strip clubs, granted, it's been a while.
In any event, I have a philosophical problem with a minimum wage to begin with, but if there's going to be one, I would prefer it to be decided locally.
...outside of the immediate airport area, seedy hotels and strip clubs, granted, it's been a while.
In any event, I have a philosophical problem with a minimum wage to begin with, but if there's going to be one, I would prefer it to be decided locally.
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steveh_131
Grandmaster
So what's your take? Is the article correct? Did it 'prove trickle-down economics wrong'?
Do you support this minimum wage at the local level?
On the micro scale the article seems to be saying that there have been no major repercussions of the raise in their local MW. I would like to see more data from more and even smaller companies. As for trickle down....I'm afraid we've seen decades of it at work and it doesn't seem to be based on reality. In theory, it sounds good and you might think it works, but the reality is that trickle down just doesn't work, as we are seeing today with the disappearing middle class. Something has changed over the decades and rendered it unworkable. The rising tide is failing to float all boats. The middle class is taking on water and those below the middle class are sinking. The market has been taken over and cannot operate in any substantive way that will in fact allow the for a trickle down system to work. What the article does show is that in this locale the predictions of disaster seem to be hype and little more. Opponents of it are expanding their businesses, not contracting or anything like it. I think we're going to have to wait and see what happens when Seattle fully implements theirs.
As for supporting a MW, I don't support it. I'd much rather let the market figure out wages. I guess if it had to be done I would rather see it done locally, (but prefer not at all). Since we are saddled with a minimum wage, (at many different levels), it would make sense to tie it to inflation. Sort of a "trickle down" system for allowing people to keep their heads above water as inflation rises and the dollar is devalued. We're well past the time that the MW will be done away with. It, like SS, Medicare/Aid and the rest of the system, are here to stay.
By "disappearing middle class" do you mean people who own homes and have 3 flat screens are now lower class, or upper class. I'm confused.
The evidence seems to be that the middle class is holding its own or progressing into upper income levels.
...but some myths fit a narrative, and therefore, can not be allowed to die.
Yes, the middle class has been disappearing, but they haven?t fallen into the lower class, they?ve risen into the upper class | AEIdeas
Donald Boudreaux and Mark Perry: The Myth of a Stagnant Middle Class - WSJ
....and if the government mandated minimum wage results in a middle class life, we might as well just pack it up. The party's over.
The evidence seems to be that the middle class is holding its own or progressing into upper income levels.
...but some myths fit a narrative, and therefore, can not be allowed to die.
Yes, the middle class has been disappearing, but they haven?t fallen into the lower class, they?ve risen into the upper class | AEIdeas
Donald Boudreaux and Mark Perry: The Myth of a Stagnant Middle Class - WSJ
....and if the government mandated minimum wage results in a middle class life, we might as well just pack it up. The party's over.
If you raise the MW that much a few things happen: jobs that were paying above MW by a few dollars are now going to pay MW and those workers that earned raises will be "lowered" to MW. Also anyone that earns more than MW will in effect have their living standards lowered.
Let the market dictate wages by getting rid of all handout programs, keep the entitlement programs Medicare / Social Security only for the ones that earned it not spouses or kids but the workers that earned it. Boom lots of extra workers and not enough jobs. People will work if they have to in order to eat.
Let the market dictate wages by getting rid of all handout programs, keep the entitlement programs Medicare / Social Security only for the ones that earned it not spouses or kids but the workers that earned it. Boom lots of extra workers and not enough jobs. People will work if they have to in order to eat.
America is running out of jobs. It's time for a universal basic income. - The Week
Well, look at what this guy is proposing.
Unicorn glittef and faerie darts.
Well, look at what this guy is proposing.
Unicorn glittef and faerie darts.
MisterChester
Master
Well said. Lots of things look good on paper, but it's meaningless unless tested. Trickle-down theory is only a band-aid that may work in the short term. It worked a few decades ago, at the expense of a crazy increase in debt and the housing bubble.
BehindBlueI's
Grandmaster
- Oct 3, 2012
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Did the massive corporations reduce their share of local profits? Did franchise fees go down in Seattle, then? Are franchises outside of the area redistributing profits to them in order to keep them afloat?
We just pulled down VA backed 4.00% 30 year fixed from the main German American Bank branch here in Evansville, that closed on June 22nd. They brokered it for BB&T who immediately picked it up.
Anyone interested in exploring a purchase or refi in this area should contact Holly Matheny. She is sharp, fast and a joy to look at too !!!
Anyone interested in exploring a purchase or refi in this area should contact Holly Matheny. She is sharp, fast and a joy to look at too !!!
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