03 April 2024

Who'da Thunk

Reading stories from California and the response to the increase of the minimum wage from $15 an hour to $20 an hour.

Price increases and business closures.

Mostly closures as increasing the price of many things exceeds the price elasticity of the customer who will stop buying it at the new, higher, price.

The minimum wage is, and always has been, $0 an hour.

The price of many things is tied to minimum wage and when it goes up, the prices of those goods goes up too.

Putting the buying power of minimum wage right back where it started.

Posted by Angus McThag at 16:28
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1 comment:

  1. DWW03 April, 2024 22:11

    An old social studies teacher once told us that these raises in the minimum wage aren’t meant for minimum wage earners… apparently, a lot of union contracts are tied to an offset from the local minimum wage.
    Don’t know if it’s accurate or not, but it would explain the Dem’s enthusiasm for raising it.

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