Hey everyone! So it might seem obvious to anyone working a minimum wage job that an increase would be a good thing -- but what about the big picture for the economy and jobs? Watch the video and hear from both sides of this controversial topic. And, as always, let us know what you think.
Extremely disappointing that that effect of raising the minimum wasn't explored fully. It has been shown that raising the minimum can result is more disposable income, which generates demand, which results in increased employment.
@@davefreier7738 Thanks for your comment! We did our best to present an overview of the main arguments on each side of the issue. But to your point, there is ALSO research that the increase in disposable income actually RAISES the cost of living in some circumstances that then erodes the purchasing power of that wage increase. And there is research showing that for larger minimum wage increases, jobs can actually be lost. Check out the CBO study we reference in the video. And thanks for watching!
Federal Minimum Wage is *Not the lowest someone can be paid* in the USA. Disabled people are often employed for wages as low as under a dollar an hour; because of a federal level exception to the minimum wage in the case of some disabled people working for some employers. Which sounds like not a lot... Except there's not a lot of disabled people working, so it ends up being almost half of them employed at drastically low wages. And sometimes they're forced to work the job to keep getting certain govt assistance (cause if you can work you must try to work, any job, to qualify for shit as simple as food stamps 9.9). If they were just paid fairly they wouldn't need any additional assistance, but business owners *LOVE paying people $4 for 8 hours of work*
@dave freier You can't very well criticize ATN for not "explor[ing] fully" the issue and contribute the claims of politicians regurgitating talking points that are either debunked (EPI), irrelevant (polls), or out of context (average productivity increases when the least productive are put out of work). To the contrary of your assertion, the research has shown overwhelmingly that the minimum wage is entirely harmful leading to *reduced* employment, *reduced* disposable income (when the disemployed are included), *increased* welfare rolls and poverty and a *weaker* economy. Here are the most comprehensive reviews of the *actual* research: books.google.com/books/about/Report_of_the_Minimum_Wage_Study_Commiss.html?id=nSHtAAAAMAAJ www.nber.org/papers/w846 www.nber.org/papers/w12663.pdf www.nber.org/papers/w20724 www.jec.senate.gov/public/_cache/files/c876c468-ffca-47ed-9468-7193d734bde9/50-years-of-research-on-the-minimum-wage---february-15-1995.pdf Sadly, it would have been better had ATN noted a) that economic historians no longer recognize the "gilded age" as a thing since, in fact, the living standards of workers during the period actually improved substantially or b) the CBO is required to use "static scoring" which required it to ignore most of the disemployment impact of minimum wage laws or c) avoided referencing the endlessly discredited Economic (sic) Policy Institute. For a non-economist, he didn't do a bad job.
So here's the question if you raise MW up to $15, how much do you pay those that were already making $15? It's not just raising those who make less than $15...
This has always been my argument, I am a carpenter who makes 15, if MW is now 15 and the cost of goods increases then my skilled job is worthless if I stay the same. Well put this is an overlooked issue!
@One Billion Caring Mums I am satisfied with 15, but if every place of employment has to pay 15 for every single position, the cost of goods with increase. My 15 won't buy the same amount of food that it used to. It's not greed, it's a fair question.
One Billion Caring Mums if you know a skill for example a diesel mechanic and say you get paid 15 do you think a person working at Mc Donald’s should get paid 15? Just for flipping hamburgers . I don’t think so
@One Billion Caring Mums no.poeple who are bad with moeny trying to get more moeny by making poeple pay them more for a less valueable job are killing our nation.considering being a cashier is not a valueable job cuase anyone can do it.being a skilled labour demands higher pay cuase not everyone can do the job. Printing more moeny does not make moeny more valuable or increase the amount of resources. Also someone who blames greed for their poor economic standing should not be influencing the countries fincal decisions considering all you're doing is making everyone poor.
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Employers are already hiring part time and cutting hours to save money. If the minimum wage went up to 15 there is no doubt in my mind that employers would cut even more hours and fire people. Inexperienced workers would definitely feel the consequences of this.
True, but the government could subsidize the difference. We got the money. But no one would wanna take 1 Billion from the defense fund that we hi-key don't need. We got the money, you just gotta re allocate they money we already have, defund programs we don't need, and put a higher tax rate on the corporate families that lobby to keep us all on the fringes of society. But all of that will never happen, so fuck it.
Bull shit... Employers dont hire based on charity... they have a set amount of hours needed to be filled... If they turn full timers to part time they run the risk of loosing those employees to better jobs.
Amazon doesn't have an unlimited supply of money to employ people. That part of the video is dead wrong. A job is a privilege due completely to the generosity of the person who takes a gamble and invests in you as a person.
The Scandinavian countries actually have this better figured out than the US does. When you have a blanket federal minimum wage, the prices have to go up to compensate, which is fine because it really doesn't change very much in terms of purchasing power. Everyone compensates by raising prices or lowering hours until demand starts to pick up due to the lower class having more money, which forces companies to raise worker hours again and raise prices to compensate. In the end, purchasing power returns back to the equilibrium it was before the wage bumps. In comparison, the Scandinavian countries have no minimum wage and instead choose to strengthen labour/union rights so that each industry can negotiate their own minimum wage, which has the effect of allowing people to receive the benefits of their company's growing wealth without having to deal with the increases in price that occur across the board like they do with a federal minimum wage hike. In this way, workers actually have an incentive to make their company successful because their union rep will be able to negotiate them better wages with growth, while also giving them a reason to care about the company's ability to compete on the open market. Instead, what you have in the US is a union that isn't accountable to the business and a fight for a minimum wage that doesn't really help them very much in the end. We are manufacturing class conflict with our shitty policies.
How so? You proceed with a couple of material misconceptions. While minimum wage laws increase prices in affected industries, they do not result in long term inflation, instead resulting in disemployment (cuts in hours, benefits and training and outright job loss). The impact is the same in Scandinavia where employment is hugely curtailed in industries impacted by their unionized negotiations. In fast food, for example, per capita employment is about a quarter what it is in the US - pushing more workers either into unemployment (which in the long term has been higher) or into non-unionized employment (which, of course, pays less). It's a key reason why the US has a higher standard of living.
Indeed though you have to remember this move to raise the minimum wage is to get the minimum wage workers votes . We need to wonder why the minimum wage workers remain minimum wage workers. I would ban welfare recipients, government employees and minimum wage workers from voting.
@@FletchforFreedom If the recent research out of Seattle tells us anything, it's that understanding the total effect of the policy isn't as simple as the supply/demand graph would have us believe. It is much easier to point to where the minimum wage has reduced employment as apposed to what positions it has created, in a similar way to immigration policy. For example, you can discuss the minimum wage in the context of the fast food industry, but you'll have to contend with conflicting data based on state, country, and time period. The first study out of Seattle on the effects of their MW bump confirmed your perspective, as hours and compensation was reduced,; however, a year later, the research was redone with more accurate data and it found that employment, wages, and hours were actually up. Now, we can't say why this happened, certainly Seattle is a unique in many ways, but it nonetheless had the opposite effect to what you believe. The same can be said about Scandinavian countries. While you might be able to point to particular industries that have reduced employment, you must still contend with the fact that many countries in Europe have historically had higher labour force participation rates and lower unemployment than the US. You can argue that the MW/strong unions still negatively impacted certain industries, but you can't argue that it didn't have a disproportionately positive effect due to limitations in economic research. As I've argued, I would prefer stronger unions, or even worker coops, as a means to individualize the gains based on merit, but event he claims against the MW itself are contextual at best.
I think it also really didn't help that Reaggan screwed some of the largest Unions in the United States. Parts of the government have fought very hard against unions and removing a lot of labour laws protecting them.
@@D4PPZ456 Interesting topic about Seattle. The law of supply and demand is still in effect though. A job is worth based on how much production value it brings to the business. That means every place in Seattle has now a minimum wage of $15 an hour. This means if we look at production costs one of these 3 things happened to "level everything out 1 year later". 1. Layoffs 2. Hours Cut 3. Price increases One of those things happened. Now you have to look at the purchasing power of the dollar in that city vs say the 7.25 states. I have a 2 bedroom apartment for $1100 a month here in Nashville. I would be paying about 5 to 6 hundred more than that if I was in Seattle. My dollar goes further than in a state that has a higher minimum wage. The long and short of it is, Look at the purchasing power of the dollar, not just rent or home prices, but what groceries cost and other amenities. (Electric, Gas/Waste/Water, etc.) Everything is more expensive in Seattle... EVERYTHING.
Thank you for giving actual facts and leaving it up for people to make up their own minds. Its refreshing. I hate watching videos where they tell you what to think and give half the information. Keep up the amazing job you are doing. Keep getting facts out there so people can make an informed decision. You rock. 😁
@@eliazarperez3585 Why is raising the minimum wage to match increased productivity and inflation a drastic measure to you? We are so up to our eyes in ideology, raising the minimum wage is considered radical, whereas each year and each day, allowing the poorest to be stricken harder is the "moderate" position to hold.
@@ericcheese7594 my bad let me explain it a bit. I meant its drastic because we the people arent asking to raise it a dollar we are asking and demanding to double it. Now that's dramatic and I believe it will delay any positive traction we have done on our already disorganized economy
@@ericcheese7594 I think if we can come to a agreement on raising minimum wage with inflation and adjust it on our economical needs as a nation we could have a good start on this wage gap debacle
@@eliazarperez3585 FDR created the minimum wage as a living wage. Perhaps they don't like it but people are just asking for the inflation increase they should have gotten to begin with. Guess what, in my state of CT, if you make less than $21 an hour, you are in poverty. The minimum wage here is $11. How is a person going to make a living off that? Before anybody says anything... only 10% of minimum wage workers are kids, the rest are adults and the elderly. Also.... if businesses cannot afford to pay their workers a living wage, then they SHOULD go out of business. Get a better business plan that allows your workers to thrive instead of suffer. Everybody deserves to get ahead.
First off, great video. It was very thought provoking, even with my sleep deprived brain. Second, I don't think raising the minimum wage is a good idea. The loss of jobs would be too great, more people would go on government assistance. Minimum wage is meant to be a start. People should be motivated to get out of those jobs. That's why I keep pushing myself to learn more and to work harder.
People who work apply for federal assistance because wages are low...your concerns are a waste of time, seriously....plenty of facts out there that show the wage should have always been attached to inflation.
I’m totally agree with you except one thing. I think we not gonna lost meny of jobs but businesses will increase prices. It will hart a lot people and minimum wage workers will not get anything to theirs packets. We got this situation here in NY many times.
@@chaserohwedder8852 yup these morons dont understand that there is more automation happening. Look at walmart and McDonalds with their self check out kiosks.
@Just DoIt a very popular chain of hamburger restaurants called five Guys they charge $8.25 for a burger. We have three different Burger chains other than five guys that for a good burger is about $4.50 to $5.50 per Burger.
If you make min wage, you need to improve your skill level. I worked hard to get to my current wage level. I was homeless in 1999. Today, after years of hard work and training, in my current position pays more than min wage. It was never easy but my family and friends recognize that I have raised my standard of living. I didn't rely on the government or other organizations to get here. Now raising min wage to $15 is going to kill all that I have worked so hard to attain. Remember you are ultimately responsible for yourself.
Some businesses can just replace people with machines. Some companies like whole foods and target that tried this before will have to cut hours so youre getting paid 15 but making less per week .
If your employees work full-time and you can’t afford to pay them a livable wage, you shouldn’t have a business, period. No one working a full-time job should be below the poverty level.
An increase in the minimum wage has proven to cost more jobs for minimum wage workers than it does to improve them. In Seattle, workers were fired in massive numbers, and, as we all know, having a job is better than being unemployed.
There hasn't been an increase in 11 years though and each time it did increase, it not affect jobs or prices. Economist will confirm that true historically. What economist will also say is that a federal minimum is not an economically sound concept since local economics vary from state to state and city to city. An increase to the minimum wage will still not be enough in some places and be too much in other places. So what should be done instead? It seems like Denmark has never had a minimum wage and yet McDonald's (American company) workers are making $22/hour there. Why is that? Because they have strong worker unions that allow for workers to negotiate a better deal and better worker rights than America. America should take notes.
1. States should absolutely adjust their own minimum wage to meet the needs of their citizens, but a Federal law will never meet the needs of workers in both San Francisco and rural Wyoming. 2. Minimum wage hikes are always associated with a spike in inflation, which disproportionately affects the very workers it also helps. It has diminishing returns. 3. The biggest proponents of raising the minimum wage sometimes aren't earning anything close to it. Big unions often have wage structures that are a multiple of minimum wage, so a $3 raise for MW workers could mean a $9 raise for an already-middle-class worker. This isn't necessarily good or bad, just be aware of who is making the argument, and what their own motivations might be.
@@artuselias Everybody needs a bump up, including the middle class. It is unfair to just raise poor people's wages when the middle class has had to suffer under Republicans chipping away at them as well for the last 50 years.
How about a maximum wage? Should the CEO of a government contractor get 20 million dollars in annual compensation? That's your tax dollars paying one man $20 million dollars a year.
@Freedom Speech You are just a brainwashed puppet spouting long debunked slogans and oozing ugly envy without the slightest clue what you're talking about. But, hey, thanks for playing!
But the arguement is that it will spike with a 15 dollar minimum wage Right now its steadily going up so employees and employers are working together and raising wages ever so slightly to capacitate it, whereas if it just suddenly spikes, yes u will have that 15 but with the cost of everything it's the same as having the 7.25
Brian Abisdid so it comes down to supply and demand if the cost of labor increases that means more people will want to work, however, less people will be willing to pay for that work. Also while the price of everything will not double typically the cost will depend on the elasticity of the product. Insulin for example would probably double because it has very low elasticity where apple cost would be more or less split 50 50 between the producer and consumer because it is much more elastic.
@Brian Abisdid actually it will, it wont double but it will go up to match the earnings of the bottom class, if you look at the states and cities with the highest costs of living in the US, one thing you will realise is that they all have a minimum wage close to 15$/hour. why does this happen though, its as someone else commented, prices are based on supply and demand, right now the supply and demand are in perfect balance to produce prices we see today however, if the minimum wage is increased, the demand for items also increases steeply so unless they can magically find new goods to fit that demand, yes the cost of living will go up to suit the rarity of the items in comparison to the new demand. In simple terms, you are giving everyone money to afford things that are of a fixed supply, therefore higher demand, same supply so you have an increase in prices....
@@jeremiahkalekyezi1585 no it won't sorry man.. What will happen is the workforce will slowly stop hiring and some people might get replaced by machines.... Automation will be more used and people might have to find other jobs...
My favorite quote "If they lowered the minimum wage, I would have to penny pinch and I would have to learn to budget." I am not sure we want people learning ... Sounds risky.
It is AMAZING to me that some people EXPECT an Entry Level JOB to Fulfill the totality of their economic needs. Why do they not feel the AGENCY (in lew of working 7 days a week) to acquire additional job training, Education, and SKILLS that will lead to a Higher Paying Job.
I work in retail (which takes skills, btw) and earn just $12.10 an hour. While that is pretty good for retail, I also live in an extremely expensive area and struggle to pay my bills on that salary at times. I've never gone without food or a roof over my head (thanks to my parents letting me live with them and pay "rent" towards common household expenses as well as chipping in for gas and electricity bills), but there have still been months where I've had to "Rob Peter to Pay Paul" because something unexpected came up that threw my budget out of whack, like catching a bout of the flu and having to miss shifts at work because of that.
@@lindsayschutz not trying to knock you but retail is not a *valuable* skill. Stylist, accountant, carpentry, nail technician, truck driver, masonry, landscaper, etc “something you have to offer” is a skill. And you usually don’t see these peoples pockets hurting. Look into some type of schooling, vocational, or self teaching for a skill you can offer to others on your own 😉
@Vlad Xavier No Wages do not compete with inflation but minimum wages do increase inflation FASTER than it would if you let it naturally run its course. it doesn't refute his point though. A job's worth is based on the skills needed to fulfill that job. Full stop. A company does not go "well It doesn't matter if a trained monkey can flip this burger, I need to make sure he has enough money to have a 2 bedroom apartment and groceries and gas to get to work".. Not the way it works. Supply and Demand is a law that has to be satisfied and cannot be forced by a government's gun. If you are stuck in a minimum wage job 1 or 2 things are true if not both. 1. You only get jobs you apply for, if you only apply for jobs that provide a wage you need, you only get jobs that provide you with a wage you need. 2. If you cannot get a job that pays more than minimum wage, then you lake unique skills that are in demand thus cannot command the wage you think you deserve. Guarantee if we interviewed minimum wage employees either they have a degree that is apart of a saturated market (demand) or they lake unique skills that are in demand to provide them with something more than minimum wage (supply). You will not find both. Supplying something no one needs = Minimum wage Having a "communications degree" = Minimum wage. No unique skill = Minimum wage.
@Vlad Xavier Breaking down your comment to help respond *What happens when the wages eventually don't catch up to the cost of living?* That will never happen. NEVER. There will always be a wage available to meet living requirements. Minimum wage will NEVER be that. *I would say currently we are still in an alright position. Though if we continue on the same course, people earning well over minimum wage won't be able to afford a living.* This will only happen if you support a minimum wage. Supply and Demand states that if you need a specific wage for living and you only apply to those positions that offer it. You will have a living wage. If you cannot get that wage you want, you are either missing a degree, missing a unique skill or your skill is within a saturated market lowing the value of that skill. *It's a systemic problem that is slowly growing and I'm not sure anybody has a solution to it.* Yes, removing the minimum wage would actually be the solution to it. The Band aid mentality means "we have to have a minimum wage or people will starve". when in reality if you give them the skills required to succeed and that skill is in demand then they will not starve. You will never have someone in Minimum wage if they have a unique skill that is in demand. If you find one, that means they are only applying to minimum wage jobs and excepting the first thing that comes along. Unskilled Labor = Minimum wage. *If you were a truck driver in 1980, earnings were an average $37k, which is $106k today. The average earnings for a driver in 2020 are $49k though* *You can experiment with the earnings in every industry and you get similar results. A vastly outcompeted dollar on an inflationary and wage level.* *Federal minimum wage is $9.50 and will be $15 by 2025. Might sound good, but come 2025 they will ask for $20, guaranteed!* None of that refutes my point of skilled labor vs unskilled labor and Supply and Demand. Markets always adjust to where people have purchasing power. If no one can buy anything, then no one makes money so the market has to lower it's prices to account for .. .. Supply and Demand. This is fluid.
Lets see.... 1. Raise the Minimum wage 2. Rent goes up 3. Prices on food and other items go up. 4. Jobs cut hours of employees 5. Jobs raise prices on menu items 6. Several of the workforce is cut/laid off 7. Businesses are forced to automate 8. More employees are cut 9. Small businesses are killed off 10. Buying power off minimum wage increase means nothing. 11. Start back at #1
@NYRyder1983 because it is not as easy as it sounds, not every job you apply for, you are going to get hired. Also, certain jobs require experience,certifications and licenses, or college degrees, that's why. Capitalism is the reason why the economic system doesn't allow their workers to get paid a living wage which is why I hate it!
@@blacklyfe5543 increasing minimum wage isn't working either. Jobs get eliminated just as fast. I agree with you that finding work isn't easy, but increase in minimum wage isn't the answer.
Here in California, for every $10 per hour an employer gets paid, the employer pays payroll taxes that total to about $14.50 per hour. I hope you understand why a higher wage destroys jobs.
California is a total mess economically for obvious reasons. And most employers do not actually pay the payroll tax because the way they get around paying it is by paying their workers a low wage. It's the same thing with sales taxes because a business legally has to pay a sales tax but we all should know that it's the consumers that pay the sales tax. These things are so obvious it blows my mind that this has to be explained to you people over and over again. Also, there is a good video explaining the wage debate here: th-cam.com/video/hL5VOorY9pw/w-d-xo.html
Hmmmm. This one’s going to be long. I started my first job at 16 in a pizza buffet making 5.50/hr. I’m now making 19/hr working for a small private clinic as an office manager I didn’t go to school to be an office manager I actually went to school for medical billing and coding, I live in Texas just for context btw. In my office we start an entry level Medical assistant with no experience at 11-12/hr. If you increase the minimum wage to 15/hr we would then have to require that that MA have some experience at least 1.5 to 2 years, this would be due to the fact that we have to pay for malpractice insurance for not just my boss who’s a doctor but for the MA’s themselves also we would not be able to hire any entry level MA’s who could gain experience and move on a year or two because they would be an expense that we could not afford as a small private company. I’m saying this because the private sector is a sector that honors a good worker and honors a good pay for good work. This would destroy my company and leave so many entry level workers out of a place to gain experience. Also I started at around 11/hr but as I took what learned in school and on the job as an entry level MBC I got raises that took me 17/hr in 3 years honestly that’s not bad I got the promotion 2 years ago which in those 2 years I got a dollar raise every year on my anniversary I’m set to receive another raise and also we all get bonuses Christmas and every few months. If you destroy the private sector you will destroy a huge part of the economy. If you wanna get paid well get a skill I went to school for a year!!! And learned the rest on the job!!!
I’m 27, I’ve made over 1 million $ welding....I couldn’t imagine work at a grocery store for minimum wage.When I was 14 I was picking watermelons for $5 an hour cash.... I swore as soon as I turned 18 I would move off and find a good paying job. I moved to Alaska with $2,000 and only a few names and phone numbers lol.... glad I did!
^Unique skill in demand.^ If someone has Minimum wage, one of these things are true. (maybe all) 1. Has a degree in a saturated market. (Demand is low) 2. Has no unique skill that is in Demand (Demand is low) 3. Has no degree that a degree is required to practice the unique skill they have. (STEM) You will never get paid Minimum Wage if A. The jobs you apply to don't offer minimum wage. B. You have a unique skill that is in demand. If you cannot get a job outside of minimum wage.. See Steps 1-3. If Steps 1-3 do not apply, See steps A and B.
This was an excellently done video comparing both sides. Personally I don't think it really matters what the minimum wage is in the long run. The bottom will always be the bottom. If we raised the minimum wage to $100 an hour today, the economy would contract and correct. Which would suck in the short term, but we would be right back at square one in a fairly short amount of time. You can't create wealth out of thin air.
So then we always have to adjust? No, that's wrong. It's always playing catch up. The government should not be making these big adjustments all the time
@@mjmclaugh4572 no there shouldnt always be big adjustments but destroying unions and leaving the minimum wadge to hang in the sun for almost a decade and a half is the current issue
See, MSM, this is how you talk about hot button issues. No bias, just fair honest reporting. As for my input in this debate, I see minimum wage jobs as entry level designed for the acquisition of work experience and skills to allow for advancement into larger more profitable employment. I think the welfare system is another huge part of the issues with minimum wage as well. It needs to be fixed so that it doesn't encourage harmful single parent households and promotes the advancement of each and every human in this country. All it does right now is promote poor family dynamics and encourage people to intentionally avoid bettering themselves by raising the opportunity cost of trying to get off of assistance. A good example of this overreliance on government assistance is what happened in Seattle after they raised minimum wage to 15 and hour. Minimum wage workers realized they would no longer qualify for government assistance so they actively worked less hours so that their extra money from the government would come in like they were used to.
I hope I'm not out of line by saying this, but the government needs to stay out of this and let individual businesses work it out. Of course some government involvement is necessary, but it needs to be limited. The more government tries to do the more they tend to screw it up.
If companies don't want government involvement then they need to advocate for unions. That's the only way to get the government to stop mandating a minimum wage
Where I live, the province increase the mini wage to 14 dollars, up from 11.35 per hour. There are 15 million people in Ontario and with the increase our unemployment rate was the lowest in had been in 10 years. We added more jobs.
@@sabinal17 People spent more money and people needed more help. The employment rate was between 7 to 7.5% employment before the increase to a ten year low 5.5% after.
@@sabinal17 If you're not making minimum wage you can afford to do more things... Go out to eat... Go to other recreational activities and spend money that you didn't have before... It's really simple. But propaganda is effective at teaching the opposite. Businesses control our government and they do anything to cut cost.
I see both sides, you should increase it from 7.25, but NOT all the way to $15. You will see how fast goods and services will go up in price and how many jobs will be lost due to not being able to afford to pay staff and buy goods that the company sells.
If the purpose is to decrease income inequality, a universal basic income would be far more effective and efficient, and it would be far more empowering to low income workers, who could afford to walk away from jobs that were poorly compensated, and would still have access to them when needed.
I agree. I also think making education more affordable or funded by taxpayers would be more effective than raising the minimum wage as well. We need a society of engineers, technicians and medical professionals, not burger flippers and dishwashers.
The purpose should not be to decrease income inequality....why should people that put a completely different amount of effort into work receive similar incomes?
I suppose it depends on the economy you live in Small town in Michigan, the price of everything has gone up EXCEPT minimum wage and our homeless population is becoming an epidemic. Without question minimum wage needs to be raised
I still disagree. If the prices are rising but wages aren't, there's a fundamental underlying problem that needs to be investigated. Could be government corruption or it could be the town no longer has resources people are interested in (e.g. producing cars fewer people want to buy). I don't understand how raising prices or increasing unemployment via government mandated higher wages would fix this? Does it somehow eliminate the underlying problem?
Michael S how is paying someone a wage to do a job, exploitation? You also seem very certain that every business owner is just some greedy monster that is hiding all of this money away from their employees. If this were the case, it seems like it would be in everyones best interest to start a business and get filthy rich without paying their employees. It seems easy enough, right?
Minimum wage should absolutely NOT be a living wage. When you say it should, you are not being compassionate, you are saying "give me a bigger slice of pie or I'm going to throw the whole pie out the window." What if I lose my "living wage" job? It is damn nice to have a job that pays half or 3/4s of a living wage job in the interm, so my finances don't plummet at lightening speed.
As the presentation implied, one's position on whether or not to raise the wage almost doesn't matter; since each outcome doesn't solve the problem, it's the wrong question to ask to begin with. As briefly mentioned in the end, we'll need to look toward disruptive emergent solutions like UBI.
Minimum wage is starting point, with increase in experience and gain in skill the wage increases in time. When you forced company to pay high Minimum wage you put them in a situation where they will either need to put more burden of work on employees or remove some. They will also need to make change in their prices of service, which will result in other following suit and increase prices of their goods and services. better let that decision between employee and employer that how much they will pay or will ready to work on. Thanks.
@Brian Abisdid And its totally unnecessary in that regard. In Austin minimum wage is $7.25 yet even McDonalds pays $10.75. Wage slavery only happened because of monopolies (lack of competition). We don't need maximum prices, so why do we need minimum wages?
@Brian Abisdid Why should employees get a share of the profits? That's like paying shareholders wages. Also, the vast majority of a businesses' revenue goes back to the workers. Walmart's profit margin is less than 2%. Who the living fuck are you to say what the worker's "just desserts" are?
Minimum Wage goes up....So does the cost of living....So in the end, your right where you are now...So you achieved nothing by getting a hike in Minimum Wage.
The secret is that you need to increase the good supplies to lower prices in the economy. Without increasing the quantity of the goods in the output, you have basically reduced half of your work force and forced those fired into poverty.
@rmenchoachupicachu Yea, I don't know what country you live in, But here in the states....We have a abundance of products and prices continue to raise....here having more product does not lower the price of something....lol the only time that is different, is if we can't sell that product or its not moving like we want, then we place ot on sale to get rid of it....but we never stock it again.
Or worrying too much about people do for work is why people are poor...also CEOs of companies like McDonalds thrive while those laborers suffer because (the richest country in the world) runs their economy based off your silly way to treat human beings.
@@DarkMustard1337 A number of people in America are also poor due to poor choices in life. Then they want someone to rescue them. They have never come to terms with personal responsibility.
Not gonna lie: I listened HARD for bias one way or the other and didn't hear any. WELL DONE! It's a shame news channels won't follow your example and report just the facts.
15 $ per hour is not even enough with our rising inflation ! What's really sad is how hard some folks are actually working just for a min wage ! I'd work for $7 an hour if the job was to sit down all day, read the papers and do nothing !
In my opinion, a *slight* increase (2-3 dollars) might be a good decision, it would give more wiggle room to people while still keeping inflation low. 7.25 to 15 is too grand a jump in my opinion.
Setting it at 45% of the median wage in a given county or state seems like a better system still, it effectively automatically adjusts for cost of living and inflation without destroying the job market in poorer regions.
Ideas 1. Don't depend on entry level jobs as a career. (The reason is obvious, aim low and you will probably go low) 2. Develop aspiring goals and work hard towards that goal. (I used to work 70 hrs per week and taking graduate classes) 3. Education ! Finish High School. (if you don't then you have made choices that will greatly affect this issue) 4. Get training that will prepare you for better jobs. (Training not only prepares and develops skills, but also exhibits initiative) 5. Build connections and networks 6. Don't waste time 7. Get and Use help 8. Be a volunteer 9. Be ethical and moral If you fail to do these things, you are making decisions that will very greatly increase your likelihood of having to depend on a entry level job, that pays minimum wages, most of your career.
This is great advice. A lot better than the usual 'do better' advice that gets tossed around. Often time the path from entry level to finding a career is lost in the conversation.
Dear@@Cromzinc, Thank you for the response, and thank you for the encouragement. Hey, this is the United States of America,, and we have freedom, under the Constitution and Bill of Rights. We can use this freedom to work hard and become sucessful, or we can use this freedom to do nothing and complain and blame our lack of success on others. Our family was by most standards, poor, but we used these points and we made it. Through hard word on each of these points, we significantly raised our standard of living. When we fell, we got back up and got back into the race. Be Well, DZ
The inverse to this is that 1. you go thousands of dollars into debt to get a college education, 2. if you have a criminal history, getting a job is difficult, 3. to pay for college which is expensive, you work multiple jobs but your college grades suffer and you're not competitive for that "entry level job", 4. to normally get a "real" entry level job, you need relatively experience, which can only come through internships which cuts into your actual jobs that pay you to live, and 5. I actually agree with a lot of what you said, but if you come from a poor family, good luck figuring all of this our or making it happen without any reference. Thats why the saying is "the rich get richer while the poor get poorer" because you only know what you know.
Dear@@JJDon5150, Yeah, some of the issues you have listed can be problems, but may can be avoided if addressed early and there are ways around these issues (even if you messed up in High School, like I did). 1. Going into heavy debt for college is usually because of poor decisions. (the primary exception is medical school). There are smart ways around this. Avoid college loans if possible, because many adolescences misuse the loans and get in trouble. 2. Criminal history - almost always because of poor decisions. 3. I worked all through college (except 2 out of 12 yrs) and my grades were good. No-one says you have to take a full load, if you must work. 4. I did volunteer work and earned some experience. Many graduates are impatient and expect to start at a high level. For a few yrs. I worked 35 Hr during the week, and 37 hours on the weekend. and I was taking 2 graduate level classes at night, and my grades were very good. Of course I didn't go to college to party. I live in a university city I see many students wasting time and have seen some get in trouble and go to jail. They are probably the ones who got student loans. If you come from a poor family (we were lower middle class who owned a family business so I had to work at the family business since I was 8 yrs old) it can work if you make wise decisions. Follow these rules in Middle school, onward. I finished college (3 degrees + 40 hr's beyond MA) with no debt. When I taught Middle School, I explained these things to them, and reminded them that the decisions that are making "right now", will impact your success and how easy it will be later. Be Well DZ
I wish people were smart enough to understand that these jobs are extremely necessary and they should not be considered "entry level" because highschoolers still need to go to school and college students typically do college full time to get their certifications earlier. People have to work those jobs or they will simply not exist and we as the consumers are left with nothing. Basically our whole economy would collapse at that point. You are better off understanding the wage debate here: th-cam.com/video/hL5VOorY9pw/w-d-xo.html
These people need to understand and realize that minimum wage was never intended to be a salary to live on. It's a low level entry job for teens between 16 to 19 years old just looking to get their foot on the door just to get some work experience. If you want to make more money go to school and get a degree, get a better job or work for yourself and start your own business. If wages goes up cost of living will go up as well.
At first I thought this would turn negative to my beliefs and was ready to hit the down thumb, But.....This was actually very informative and He gave you the choice to explore both sides....very refreshing in this day and age!
So glad you found this valuable! We try hard to present multiple sides of issues in order to challenge people's confirmation biases and to help our audience decide for themselves how they feel about a topic, instead of being told how to think.
So you were ready to hit the "Thumbs Down" button solely on the grounds that it would challenge your opinion? not even on the quality of the video or conversation? If you find this idea of being open-minded and willing to discuss different opinions so great, you should try it sometime too! I'm sure everyone around you will also find you very refreshing in this day and age.
@@DanielRosario02 ikr, he is contradicting himself. He likes that the video gave chances to both parties' arguments, but was ready to hit the dislike button if it challenged his beliefs. A wonderful case of "contradictio in adjecto".
Governments should stay out and workers could work together to demand higher wages, allowing for there to be negotiations between workers and companies. I also think there should be more emphasis on decreasing the cost of living by lowering taxes and regulations (especially on housing) and permitting more companies to compete, thereby creating more jobs and giving workers greater leverage.
@Jack Wimmer look up "minimum wage job loss" to find articles that report on real-time events showing raising mw killed jobs. it put things into perspective for myself
@Jack Wimmer On top of what Uluave commented we actually have records of evidence spamming over 100 years showing that when you raise the cost of labor it forces businesses to raise prices and cut hours to make up for the loss, it's common sense as a business owner and you obviously never worked for yourself.
Raising minimum wage will cause the businesses to fire 30% of there work force , then expecting more work out of the workers! And of course prices for products, food will rise! Don't complain when 3 McDonald's workers are forced to do the job of 6 or 7 workers , Don't complain when a big mac at McDonald's cost 7$
I think $7 is an underestimate. The price of a DBL Quarter Pounder meal is up over $10 now. This is first hand evidence of inflation and those number are just gonna go up if they have to pay the employees more.
Ok dummy let me help you...in 2009 the cost of a McDonald’s cheeseburger cost $2.39, Today that same burger cost over $4...all with McDonald’s continuing to pay their worker the same wage. You see how inflation happens regardless to minimum wages increases yet or no? Some of you all don’t think before you speak. Now prove me wrong that prices haven’t gone up every year although minimum wage has stayed the same since 2009...I’ll wait
@@trecome396 Your understanding of this is off. Inflation happens regardless of increasing minimum wage or not, but by increasing the minimum wage by that much at one go, it will accelerate the process of inflation and make the current situation even worse. So if it's already bad now, wait till after it happens.
In my personal opinion with what I currently know, is that it depends on the community that a person works at. I do currently work a minimum wage job and I have experienced that when minimum wage increases some one on the income change needs to pay for it
Hey Benny, I think you're too sharp to be working for the minimum wage! I like the minimum wage and think it should be raised, sometimes even more than just to keep up with inflation. However, it isn't free! It has to be paid for with higher taxes on higher income levels; otherwise it causes inflation.
It took me years to get above $15 an hour. The experience I gained with on-the job training was absolutely priceless. The first company I worked for kept me around because they realized I was cheap enough to do menial low-skill jobs. But I still managed to learn a lot and now make good money. If minimum wage was $15 an hour they would never have hired me and I would be flipping burgers right now.
That's your personal experience. And most people can't afford to live for years on substandard wages until they are deemed worthy enough to make a living.
I guess the actual problem is managing a large increase in the minimum wage within a short amount of time. I think a better approach could be a smaller continuous increase in response to inflation. A long-term solution could give leeway for businesses to adjust and minimize negative effects on the economy. Such as the video explains, the value of $7.50 reduces over time. Therefore, a yearly increase could be imposed to make up for that decrease in value. An example could be a $1 increase in wage during the next 3-4 years, then a smaller increase ($0.20-$0.50) in the following years.
We have all been played If the minimum wage had kept pace with inflation and productivity since 1968 it would be $24 an hour now but we have people making $15 an hour arguing that it is fair for people to make seven dollars an hour while people that are making $1000 an hour in the same company, are laughing all the way to the bank. Because those people making $15 an hour think that they are simply frustrated millionaires who will someday be able to make $1000 an hour. Good luck with that one. At least you have Uber Lyft and door Dash. When used to need only one job.
Increasing minimum wage FORCES inflation to rise, decreasing TAXES, lowered the effects of the inflation needed to cover a increase in minimum wage. Plus if minimum wage is raised the incentive to get a better paying job decreases. Sure for short short short period of time a portion of people will make more money at least until inflation catches up, and with doubling the minimum wage will not just put millions out of work but also force some smaller businesses to close because customers can’t afford to buy the products
2:56 of course you can win without boardwalk and park place, the best monopoly on the board is actually newyork/tennessee/st.james(orange) followed by red spaces and then yellow. that 4th side takes heavy investment and is less often traveled. sure you can get a lucky 2k rent, but a more steady 950/1k keeps you rich. the most visited spot is jail, and what lies (almost) in the peak of the statistical distribution of 2D6 with jail as a starting point? orange spaces(community chest occupies THE peak). you have a greater than 1/3 chance of landing on orange directly out of jail.
There's some suspicious parallels in this strategy with real life in how going to jail leads to vicious cycle of losing money and winding up back there. Then again, Monopoly was not created as a good time.
It seems unreasonable to talk about the minimum wage when you use one of the most expensive cities to live in as an example, especially when that city is the NIMBYism capitol of the united states.
Hi there! Thanks for your comment. The pro/con arguments in the video are not San Francisco-specific. Our interviewees WERE San Francisco-based, because that is where we are based!
The question is whether the purpose of minimum wage should be to make sure you can run a family of 4+ and have a house at ANY income (hence bare minimum). I currently don't see why that would be beneficial. If someone wants to argue raising the minimum wage is the best way to combat poverty then by all means raise the minimum to $50. There has to be a fair difference admitted between ideas we like and ideas that are good. The first groups to get hurt by the negative trade offs that comes with higher minimum wages ARE the poor, the young, small businesses, the older and any groups that there is prejudice against would be the WORST off. Look at graphs of poverty levels and homelessness levels since the 1920s onward and compare it to welfare expenditures and minimum wage laws. The argument is not whether we should try to help the poor out of poverty but whether that will even result from such a plan at all.
Min wage went up to $15 here. now prices have all gone up .. for example a Big mac combo is now $14... Large fry is now $5. groceries have gone up 20% , rent has gone up to new Highs as the landlords pass their cost on to tennants.. At 16 piece dinner at KFC is now $47...
Inspiring video. The government should I believe not intervene in wages, instead it should facilitate workers by making education more accessible so people who are stuck in a minimum wage job can get out and move up. Also, free carreer planning and financial advice would certainly help. Free education for people who are stuck in a dead end situation, like single (teenage)parents.
The issue is that so many people in the modern day are stuck with degrees and higher education still working dead-end minimum-wage jobs. I'd say that while this is important (as in, making higher education less expensive and thus more accessible and reasonable), it's also important to return power to the workers to some degree. I've heard that if the minimum wage increased with inflation since it was set to $7.65 in the 1960s or so (as it does in most other first-world countries), it would be $23 an hour by now. So it is important to increase the minimum wage with inflation to a degree; it's about time that they link the two together to prevent the minimum wage from losing its value even further. From there, I would say it's most important to instead increase the rights and powers of Unions instead. With increased union rights and the criminalization of union-busting (along with things such as corruption hopefully), it would be possible for the workers to negotiate their fair wages with the companies directly, and so it would only affect the larger companies in cities where the minimum wage isn't enough.
If minimum wage is increased, then not only will more people lose their jobs, but people that were still employed will lose hours and full employment benefits. If businesses start to lose money, they will take away you're benefits before they take a hit
Work morale will not be high if people currently earning $15-$16 an hour suddenly have a slew of people walking in off the streets making the same or close to the same money. Imagine being with a company for 10 years. You have a 4-year degree and you have made vital contributions to the company cause. You make $15.64 an hour. Now enter an 18-year old kid out of high school that comes in and makes nearly the same money as you. Not a good morale booster at all.
This idea that the world would suddenly end, doom and gloom stuff isn't based in reality. There have been times even in America where businesses had to pay their workers better and it didn't hurt the businesses at all. There have been many worker strikes and riots in the past just to get us to the 8 hour work days when before it was 12 hours and over with chump change before. The owner class have always tried to spook people with that kind of talk and sure it works on a lot of people like yourself but anyone who understands economics and history, knows that workers can and should be paid better than they currently are. A good video on the minimum wage debate is here: th-cam.com/video/hL5VOorY9pw/w-d-xo.html
Actually most jobs in Texas pay more than minimum wage. And some parts of the state already pay $15/hr and with overtime you can take home $2,000/ week.
I can confirm this as well since I also live in Texas. However the issue shouldn't even be that people should be payed an arbitrary amount that is set on a federal level. Instead it should be based on the value labor of what the workers bring to the business. That's the ultimate problem with the wage system. A set hourly wage does not account for the work that the workers do and the workers typically do work that far exceeds what they are being paid for in that hour of work. Channels like this try to pretend to be fair and balanced by presenting a "Both sides" perspective but there are only two actors in this video. Also, it doesn't make any sense to include the owner class because their opinion is obvious and will not change. It's like bringing in a king to ask if he thinks democracy is a better idea for the people. It's pointless to do that. And a better video explaining the wage debate is here: th-cam.com/video/hL5VOorY9pw/w-d-xo.html
@@Hunterchuck "instead it should be based on the value of labor an employee bring" I agree with you 100% What you earn is directly related to the amount of value you bring. It is my belief that if you want to make more money, you simply have to provide more value. Job wages are set based on the market and what people are willing to work for and that determines the value of a specific job. If you have 100 fast food restaurants in an area paying dishwashers $13/hr. Then the value of dishwashers is $13/hr. And an employer offering $10/hr for the same job will have a hard time hiring or keeping employees. Value is not a popular argument and alwats gets thrown out the window unfortunately. I'll check out that video you posted
I'm sure someone else has said this, but this all assumes political control over the minimum wage rather than tying it to inflation and/or the average salary of workers.
This was a good video. I personally think minimum wage should just be raised to $9/$10 an hour. I say that because its been the same for 10+ years and prices have slowly gone up while it stays the same. As a small business owner (& part time under a company) , I know what will happen to some businesses like the guy said. If I have 4 people employed, I'm going to see what I can do to reduce that to 2 employees and what technology I can bring in so I won't have to be affected much. It will also end up with employers giving more work to the smaller amount of employees after letting some go= you do the work of 2 people. Bigger companies might have more leeway with that depending on cost' and employee amount
Raising the minimum wage also means that many of the people whose positions aren't redundant have more purchasing power significantly increasing demand and potentially making your employees more valuable. The optimal value for the minimum wage definitely is specific to a given region and should probably be set at a percentage of the median wage in a given county or equivalent small region perhaps at 45% of the median wage. That would adjust for inflation and the local cost of living in a relatively easy to calculate way. Even in Mississippi that would result in a wage that is higher than federal minimum wage.
@@garethbaus5471 I think the problem is that the issue is presented as a zero sum game. Raising it to $10 would be a reasonable compromise to not raising it at all. And it is a 33% increase. But I can already hear all the moaning that that isn't enough. I think if Republicans could agree on raisong it to $10 some democrats wouldn't even go along out of principle. But it's much better than not raising it at all. Doubling it just is irresponsible, the fallout from that is going to be problematic.
@@dekippiesip $10 is less than the inflation adjusted value of the minimum wage the last time it was updated. The federal minimum wage is old enough that it could get a job, it was already low when it was set and it is perfectly reasonable for that number to double over that much time. At this point the job market in most of the US already sets entry level pay in fast food around $15 an hour, it really shouldn't be legal to exploit your employees more than an entry level worker at McDonald's.
At 6 min, on another note....if the gov reduced gov handouts, people would make better decisions bc they wouldn’t be able to rely on the gov to bail them out.
It also shows how poeple failed economics 101 and history. Riasing minimum wage does not make poor poeple richer.all it does is cuase infalation meaning moeny just becomes less valuable,price of products and housing go up and decent jobs aren't decent any more.
@@starandfox601 Furthermore, it prices anyone out of the market who cannot at least produce whatever the minimum wage is set to. You produce 10/hr and the minimum wage is 15/hr? Say goodbye to your job.
I was past minimium wage by 18 years old..... and at 19 I was above it by 50%. Working at a factory sucks, but it pays pretty good until you can figure out your future.
How about, instead of raising the minimum wage and giving the rich tax breaks hoping they'll create jobs, we just tax the rich immensely UNLESS they create good paying jobs? Nobody creates jobs because they have extra money. They create jobs because they are missing out on money that working class people have to spend.
@@AboveTheNoise I would definitely be interested in your opinion. I had a semester in politic economics during my studies and as far I remember/know, rich people tend to have so many opportunities to spend their money and so little incentives to reduce inequality, that it is *VERY* hard to tax them...
So tax the most taxed group out of their hard earned money and force them to do something that isn’t their responsibility for what? Because you’re lazy? Because your jealous? This statement is so naive. There are plenty of rich people that own huge corporations that have employed hundreds of thousands of people!
I’m not sure the federal minimum should be raised (even though it will this year for my own home state). I think it should be a state by state issue. Some may need that $15 an hour today, while some may need only $12 today. Having each state determine the minimum wage for its state will help determine the needs to fit its section of the US. I think we should start giving more power to the states. Not all, not even a lot power and authority, but more of it.
Minimum wage should be a state by state basis. Calculate for cost of living and inflation = minimum wage. Of course there will be outliers (states with big cities) and respectively calculate for that. This implies that a state won't have the same basic widespread minimum wage. This is true because oftentimes there are pockets of dense population. As with a lot of things it's not simple. Nuance is important.
Cost of living varies WAY MORE within a state than between states. A studio apartment in Stamford CT is more than twice the price of one in Bridgeport CT, and those cities are only twenty minutes away.
@@RamonQuiro7 Yes, but you cannot strong arm supply and demand I know people want to be able to "fix the market". But no matter how fair you want to make it, there will always be minimum bars to the market, Raising the minimum bar will just be the new minimum and everything will increase to match that new minimum.. We call this the "band aid" effect. It doesn't really fix the problem, it just delays it and covers it for a short time rather than getting to the heart of what the problem really is. Lack of unique skills that are in demand. If you are in a minimum wager job you fall in one of these categories. 1. Unskilled Labor. (no degree, no experience). 2. Unique Skill with degree in saturated market. (low demand) 3. Unique Skill that requires a degree. (STEM) If you fall in one of those three categories and STILL get minimum wage, it means you are applying to minimum wage jobs and accepting them rather than applying to jobs that use your unique skill that is in demand.
A better video explaining the wage system is here: th-cam.com/video/hL5VOorY9pw/w-d-xo.html It's better to understand why a wage system is here in the first place. And ideas from "The Wealth of Nations" basically have given the owner class the idea that paying people a set wage is beneficial for them because a worker can obviously produce income for the business that far exceeds what they are being paid in that hour or monthly salary. Getting paid a set wage is how the owner class exploits the labor value of the people who do work for them. It's all systemic and intended.
@@Hunterchuck Funny enough my comment was specifically referencing that video. I watched that video first and found it to be entirely biased from front to back - specifically its use of langauge and traditional "liberal talking points" to frame the debate of minimum wages as a discussion about the history of workers rights in America. That video also goes on to make some errors in assumption, particularly around the point of "livable wages" which are not proven by any developed country to be a necessary aspect of development or social and economic mobility. The reason why this video is far bettter at explaining the wage debate without being biased is because it gives all sieds of the story without unknowingly using buzzwords and semantics that give away the opinion of the creator. While I agree with your comments about "The Wealth of Nations," to some degree, the video you mention only provides a partial scope of the history of unions and their role in raising wages for american's throughout history. This video by the folks at CrashCourse, goes into much more detail about the foundations of wages, theories of markets and economies, the history of unions and wages, and also does an incredible job of remaining neutral: th-cam.com/video/mWwXmH-n5Bo/w-d-xo.html
@@10minutemeditation89 I like crash course too but they don't get everything right. Right at the start of the video they say that professional athletes get paid millions, not because they deserve it, but because of supply and demand. The demand of professional athletes is high and supply is low, therefore they get paid more. However this is not at all how it works. There are only a set amount of teams and they are always full, so this debunks the notion that they are in high demand. Because if this idea of demand being high applied to the real jobs then we would see the same economics apply to those "starter" jobs. Also, the professional athletes get paid a lot of money thanks to advertisers. Big corporations throw a lot of money into sports to advertise and on top of that the over-priced tickets/food contribute to it as well. Unfortunately not everyone gets it right all the time and that obviously applies to crash course. Also, this video is very biased because the talking points favor the business owner and the idea of keeping the wages low. I'm very good at paying close attention to the language being used. Also, the "two sides" of the conversation is limited to only two people. That will never give a fair representation of the conversation. And another thing, there is no reason to include the business owner class because we already know their perspectives and it's never changed after all these years. It's like asking a king what he thinks about democracy in a time when there are lots of people wanting to be rid of a monarchy. Very silly to bother to include the king in that conversation. You also need to be careful about how you use the term "bias" to shrug off points of views you feel uncomfortable with. I'm very biased when it comes to facts and data. Christians hated the theory of evolution and would often say that people who agree with it are very biased. But guess what? Obviously they are biased. Everyone is biased. The important part is what is correct and true. Not whether or not someone is biased... 🤦♂️
@@Hunterchuck Dude what are you even talking about? We don't need to listen to the business owners and business class?!?! Yea lets just start silencing people who have a different opinion, that's gonna lead to great discussion and NEVER lead to violence...
Dude - dig the shirt and the obvious business lessons! Appreciate the learning. Need more of these types of videos. Remember, workers used to work 6 days a week, 12 hours a day!
Argentina.. they kept on raising minimum wages over and over again. now they are completely down to the drains! Many small businesses gone out of business...
Nope it won't. What kills small businesses is big businesses and our government screwing them over. There was a great conversation from the chairman of the American Small Business League in a stream recently (Hopefully a video of the full conversation gets posted soon) explaining the systemic reasons why small businesses get left behind and screwed financially by how our government operates. Our government favors the mega corporations and allow them to eat up the market so that there is nothing left for the small businesses to survive on. Also, a better explanation on the minimum wage debate is in this video: th-cam.com/video/hL5VOorY9pw/w-d-xo.html
@@Hunterchuck instead of a debate and unsourced information, th-cam.com/video/0fsVI3EmUnQ/w-d-xo.html, a documentary of how raising wages too high kills smaller businesses and creates a monopoly of sorts. I cant say anything for you claim about corporations and government spit roasting smaller businesses but as you don't share any evidence about your claim... but it's believable (just want to see some proof)
@@leovang3425 Firstly, the video you linked doesn't have evidence to back up the claims. The reason why those car wash businesses were being shut down was ironically pointed out in the video itself: "They have engaged in rampant labor law violations." Secondly, small businesses are fine with a $15/hour increase. Many small businesses already do it, even here in Texas and here is some proof to that point with this article: www.dallasnews.com/news/2019/09/17/dallas-county-raises-minimum-wage-for-its-employees-to-15-an-hour/ There is no reason to assume that small businesses are barely hanging on and they are on their last legs which if a small gust of wind were to blow on them they would crumble and fall down. That's a ridiculous fantasy you are creating in your head to suggest that your wrong opinions are facts. Also, there are plenty of organizations out there such as the American Small Business League that have been pointing out the systemic economic reasons why small businesses have a hard time surviving. These issues stem from large businesses and government, in that exact order. Here is a very insightful interview with the chairman of the ASBL here: th-cam.com/video/U3k8LNuYNwg/w-d-xo.html Get educated. Throw away the propaganda.
@@Hunterchuck It 100% will kill small businesses. They already pay taxes, unemployment, workers comp, licenses, rent, equipment, power, internet, training, vehicles, maintenance, and tons of other things. If the small business requires skilled labor you might as well close the doors. No one is going to do a skilled job and get paid the same as working a desk at a hotel. You couldn’t find workers if you wanted too. Not to mention inflation for the products getting shipped to you or that you’re selling would make you lose customers, employees, and product. Do some research or go run a business for awhile and see where that gets you.
@@getrekt2335 I'm a small business owner and i'm telling you that $15/hr will not destroy my business. But I also understand that the financial circumstances are different depending on industry. The problem that you don't understand is that the 'skilled' jobs should be paid better to begin with. I'm seeing engineers getting paid a meager $40,000/yr and guess how much the owner of these businesses are making? You should think about that. There are business owners out there that pay their employees better than they pay themselves like me and Dan Prince the CEO of Gravity Payments. These things are possible as well. Business financing is just basic math and once you do the math you can understand what is affordable and what is not. You'd be surprised. Start a business and find out.
What amazes me again is when they say they have to fire ppl to pay ppl a living wage... How does it make u feel as a business owner to know your employee can't afford rent or your employee has to work 2 jobs or your employee can't sustain a 500 out of pocket expense. Let me tell u the owner maths u raise 2 employee pay by 1 dollar they claim they have to raise there burger by 1 dollar 50 burgers sold a day they make 34 dollars extra this is how they think
I would be in favor of just raising the minimum wage to $15 and having it set to inflation and be done with it. After the minimum wage is set to inflation, then no one can ever raise the minimum wage again and use it as a political tool.
And with the inevitable increase in consumer pricing, their dollar won't go as far and they will be no further ahead. The bottom rung is the bottom rung. If you make $1/hr or $100/hr as the minimum, it's still the minimum, and the economy will adjust accordingly. I look at it this way. If you pay a baker $7.50 an hour to produce 10 loaves of bread that you charge $3 a piece for, if you had to pay them $15 an hour, wouldn't you increase the price of your bread to $6/loaf? If you didn't, you would lose money on every loaf you produced. So when the minimum wage earner takes his paycheck to the grocery store, he may have twice the money in his pocket, but the products he buys will cost much more. That's why I think the whole thing is just a shell game. There absolutely should be a minimum wage to avoid exploitation of labor, however, every type of labor has it's value. Unskilled labor is not worth what skilled labor is worth. A trained monkey can flip a burger, then you might sell that burger for $3. It takes a learned skill to, say, make a die mold for precision tools or parts, then you sell those tools or parts for $100's a piece. Which labor has more value? Minimum wage should be based on market value of basic unskilled labor, and pegged to inflation. Yes easier said than done, but they have teams of economists who can figure these things out.
@@100percentSNAFU it’s the disparity between the top and the bottom. I don’t think that anyone should have 100,000 times more money than the average American makes in a LIFETIME, no matter how useful they are
@@god8348 Who died and made you God.. oh wait. Problem is, If I make X widget... and this is something people want. AND people come to me and say I want X widget... you are saying I can only sell so many because you think it is wrong if I make 100,000 times more money than an average American even if MILLIONS want this X widget? Not a very smart God are ya. Most people get wealthy because they know how to invest and provide a service people need or have the means to invest in an idea and let the idea flourish. Despite what the left has told you, you don't get rich by sitting on your money and putting it under a mattress.
Simple terms, higher minimum wage equals higher taxes which takes you back to square 1. Since shops need to pay their employees more, they need to raise the price. *am I right?*
It's not that simple and actually the 15 minimum wage would work in most places it actually needs to be higher what it needs to be tied to is to 60% of the median income they say that when you hit 60% of the median income that should be the minimum wage because anything higher than 60% does cause problems like the ones you're describing so 15 in Alabama would be great but it wouldn't even cause a problem in San Francisco or Seattle went really the median income is very high and 60% of it's most likely 25 an hour it's either that or we all unionized and collectively bargain cuz one of the others got to happen there's a lot of these Nordic countries that don't even have a minimum wage but they have very strong labor laws but it's like conservatives in this country don't like strong labor laws or minimum wages they just don't want you to win at all it almost sounds like
Is a simple ROI calculation of investment in tech vs human costs. Sadly, min wage increase makes the tech investment argument much easier, and many companies are choosing to go tech than more humans. Not to mention, increasing min wage also helps big companies to stay in power and reduce start up competition that could challenge their market share. If you like to have higher unemployment and less competitive then it makes sense to fight for minimum wage.
You should have mentioned that only about 10% of the population makes minimum wage. Most companies start employees out at higher than that. And that includes people with zero experience.
I can't thank you enough for the neutral approach in your videos. These discussion can descend into political trench-warfare and name-calling so fast! Thank you so much for citing sources as well, I wish more people did that.
Maybe he does or maybe he doesn't but either way it needs to be done because our economy has become too inflated and the cost of living has in turn become much higher than ten years ago. A good video explaining the minimum wage debate is here: th-cam.com/video/hL5VOorY9pw/w-d-xo.html
@@maxinvasionleet No and yes. Because it depends on the business owners. This is why taxing businesses doesn't work, because the owners just push it onto consumers and employees. Even Milton Friedman understood that and he's only a pseudo-intellectual 'economist'. Sales tax is paid entirely by the consumers and the payroll tax is paid entirely by the employee. In Denmark, they pay the bare minimum of $22/hour and the cost of a burger only rose 50 cents extra. In America where our business owners are much more greedy parasites, maybe when people say our burgers will cost $30 more, it might just happen. 🤷♂️
Looking at all the cities in the country, there are huge differences in cost of living. Maybe the federal minimum wage should be based on the particular cost of living for each city, i.e., it would vary from city to city. A full-time employee making minimum wage needs to at least be able to afford the basic cost of housing, food, clothing, healthcare, etc.
Its weird because when you break it down, having a job is when you do a task for someone and get something of value in return and yet most jobs dont give much in return.
@@k3th.b.w122 A job is when you do a task for someone and get something of value in return. If flipping burgers is so useless the owner can do it themselves.
@@LauraBow in many small restaurants they do for a long time. people dedicate their life to their business McDonald’s doesn’t need to because they can take a monetary hit.
Hey everyone! So it might seem obvious to anyone working a minimum wage job that an increase would be a good thing -- but what about the big picture for the economy and jobs? Watch the video and hear from both sides of this controversial topic. And, as always, let us know what you think.
Extremely disappointing that that effect of raising the minimum wasn't explored fully. It has been shown that raising the minimum can result is more disposable income, which generates demand, which results in increased employment.
@@davefreier7738 Thanks for your comment! We did our best to present an overview of the main arguments on each side of the issue. But to your point, there is ALSO research that the increase in disposable income actually RAISES the cost of living in some circumstances that then erodes the purchasing power of that wage increase. And there is research showing that for larger minimum wage increases, jobs can actually be lost. Check out the CBO study we reference in the video. And thanks for watching!
Federal Minimum Wage is *Not the lowest someone can be paid* in the USA.
Disabled people are often employed for wages as low as under a dollar an hour; because of a federal level exception to the minimum wage in the case of some disabled people working for some employers. Which sounds like not a lot... Except there's not a lot of disabled people working, so it ends up being almost half of them employed at drastically low wages.
And sometimes they're forced to work the job to keep getting certain govt assistance (cause if you can work you must try to work, any job, to qualify for shit as simple as food stamps 9.9). If they were just paid fairly they wouldn't need any additional assistance, but business owners *LOVE paying people $4 for 8 hours of work*
@dave freier You can't very well criticize ATN for not "explor[ing] fully" the issue and contribute the claims of politicians regurgitating talking points that are either debunked (EPI), irrelevant (polls), or out of context (average productivity increases when the least productive are put out of work). To the contrary of your assertion, the research has shown overwhelmingly that the minimum wage is entirely harmful leading to *reduced* employment, *reduced* disposable income (when the disemployed are included), *increased* welfare rolls and poverty and a *weaker* economy. Here are the most comprehensive reviews of the *actual* research:
books.google.com/books/about/Report_of_the_Minimum_Wage_Study_Commiss.html?id=nSHtAAAAMAAJ
www.nber.org/papers/w846
www.nber.org/papers/w12663.pdf
www.nber.org/papers/w20724
www.jec.senate.gov/public/_cache/files/c876c468-ffca-47ed-9468-7193d734bde9/50-years-of-research-on-the-minimum-wage---february-15-1995.pdf
Sadly, it would have been better had ATN noted a) that economic historians no longer recognize the "gilded age" as a thing since, in fact, the living standards of workers during the period actually improved substantially or b) the CBO is required to use "static scoring" which required it to ignore most of the disemployment impact of minimum wage laws or c) avoided referencing the endlessly discredited Economic (sic) Policy Institute. For a non-economist, he didn't do a bad job.
Hopefully -cost of living does not rise in process.
So here's the question if you raise MW up to $15, how much do you pay those that were already making $15? It's not just raising those who make less than $15...
This has always been my argument, I am a carpenter who makes 15, if MW is now 15 and the cost of goods increases then my skilled job is worthless if I stay the same. Well put this is an overlooked issue!
@One Billion Caring Mums I am satisfied with 15, but if every place of employment has to pay 15 for every single position, the cost of goods with increase. My 15 won't buy the same amount of food that it used to. It's not greed, it's a fair question.
One Billion Caring Mums if you know a skill for example a diesel mechanic and say you get paid 15 do you think a person working at Mc Donald’s should get paid 15? Just for flipping hamburgers . I don’t think so
@One Billion Caring Mums no.poeple who are bad with moeny trying to get more moeny by making poeple pay them more for a less valueable job are killing our nation.considering being a cashier is not a valueable job cuase anyone can do it.being a skilled labour demands higher pay cuase not everyone can do the job.
Printing more moeny does not make moeny more valuable or increase the amount of resources.
Also someone who blames greed for their poor economic standing should not be influencing the countries fincal decisions considering all you're doing is making everyone poor.
They want to raise the dungeon to the first floor, so what happens? All residents move up a floor, and now a new penthouse suite is to be made to add a new floor to the top using funds from all floors, and now, the dungeon is on the 1st floor
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Employers are already hiring part time and cutting hours to save money. If the minimum wage went up to 15 there is no doubt in my mind that employers would cut even more hours and fire people. Inexperienced workers would definitely feel the consequences of this.
True, but the government could subsidize the difference. We got the money. But no one would wanna take 1 Billion from the defense fund that we hi-key don't need.
We got the money, you just gotta re allocate they money we already have, defund programs we don't need, and put a higher tax rate on the corporate families that lobby to keep us all on the fringes of society.
But all of that will never happen, so fuck it.
Bull shit... Employers dont hire based on charity... they have a set amount of hours needed to be filled... If they turn full timers to part time they run the risk of loosing those employees to better jobs.
@@JUDALATION well if someone with a name like gamestrodamous says so it must be true 😆
so some coworkers get underpaid while lazy people get overpaid yea makes sesne
@Michael Johnson maybe someone that doesn’t know how economics works and has never owned a business shouldn’t get to have an opinion about this issue
I appreciate this video for giving a neutral, let the viewer decide, sort of approach :)
*channel
@richard kaye you have a point
th-cam.com/video/DPn6T0zT6jc/w-d-xo.html
You do know neutrality biases are whats ruining factual discourse in this country.
It is not neutral at all...
This was fair and reasonable and researched. Mad props.
Thanks!
th-cam.com/video/DPn6T0zT6jc/w-d-xo.html
@@d.x.1152 That might just be the worse video I have ever seen
Amazon doesn't have an unlimited supply of money to employ people. That part of the video is dead wrong.
A job is a privilege due completely to the generosity of the person who takes a gamble and invests in you as a person.
@@johnyoung5392 Maybe not unlimited, but most certainly enough to stifle most of the competition
The Scandinavian countries actually have this better figured out than the US does. When you have a blanket federal minimum wage, the prices have to go up to compensate, which is fine because it really doesn't change very much in terms of purchasing power. Everyone compensates by raising prices or lowering hours until demand starts to pick up due to the lower class having more money, which forces companies to raise worker hours again and raise prices to compensate. In the end, purchasing power returns back to the equilibrium it was before the wage bumps.
In comparison, the Scandinavian countries have no minimum wage and instead choose to strengthen labour/union rights so that each industry can negotiate their own minimum wage, which has the effect of allowing people to receive the benefits of their company's growing wealth without having to deal with the increases in price that occur across the board like they do with a federal minimum wage hike. In this way, workers actually have an incentive to make their company successful because their union rep will be able to negotiate them better wages with growth, while also giving them a reason to care about the company's ability to compete on the open market.
Instead, what you have in the US is a union that isn't accountable to the business and a fight for a minimum wage that doesn't really help them very much in the end. We are manufacturing class conflict with our shitty policies.
How so? You proceed with a couple of material misconceptions. While minimum wage laws increase prices in affected industries, they do not result in long term inflation, instead resulting in disemployment (cuts in hours, benefits and training and outright job loss). The impact is the same in Scandinavia where employment is hugely curtailed in industries impacted by their unionized negotiations. In fast food, for example, per capita employment is about a quarter what it is in the US - pushing more workers either into unemployment (which in the long term has been higher) or into non-unionized employment (which, of course, pays less). It's a key reason why the US has a higher standard of living.
Indeed though you have to remember this move to raise the minimum wage is to get the minimum wage workers votes . We need to wonder why the minimum wage workers remain minimum wage workers. I would ban welfare recipients, government employees and minimum wage workers from voting.
@@FletchforFreedom If the recent research out of Seattle tells us anything, it's that understanding the total effect of the policy isn't as simple as the supply/demand graph would have us believe. It is much easier to point to where the minimum wage has reduced employment as apposed to what positions it has created, in a similar way to immigration policy. For example, you can discuss the minimum wage in the context of the fast food industry, but you'll have to contend with conflicting data based on state, country, and time period. The first study out of Seattle on the effects of their MW bump confirmed your perspective, as hours and compensation was reduced,; however, a year later, the research was redone with more accurate data and it found that employment, wages, and hours were actually up. Now, we can't say why this happened, certainly Seattle is a unique in many ways, but it nonetheless had the opposite effect to what you believe.
The same can be said about Scandinavian countries. While you might be able to point to particular industries that have reduced employment, you must still contend with the fact that many countries in Europe have historically had higher labour force participation rates and lower unemployment than the US. You can argue that the MW/strong unions still negatively impacted certain industries, but you can't argue that it didn't have a disproportionately positive effect due to limitations in economic research. As I've argued, I would prefer stronger unions, or even worker coops, as a means to individualize the gains based on merit, but event he claims against the MW itself are contextual at best.
I think it also really didn't help that Reaggan screwed some of the largest Unions in the United States. Parts of the government have fought very hard against unions and removing a lot of labour laws protecting them.
@@D4PPZ456 Interesting topic about Seattle.
The law of supply and demand is still in effect though.
A job is worth based on how much production value it brings to the business.
That means every place in Seattle has now a minimum wage of $15 an hour.
This means if we look at production costs one of these 3 things happened to "level everything out 1 year later".
1. Layoffs
2. Hours Cut
3. Price increases
One of those things happened. Now you have to look at the purchasing power of the dollar in that city vs say the 7.25 states.
I have a 2 bedroom apartment for $1100 a month here in Nashville.
I would be paying about 5 to 6 hundred more than that if I was in Seattle.
My dollar goes further than in a state that has a higher minimum wage.
The long and short of it is, Look at the purchasing power of the dollar, not just rent or home prices, but what groceries cost and other amenities. (Electric, Gas/Waste/Water, etc.)
Everything is more expensive in Seattle... EVERYTHING.
I watched the top 6 or 7 videos on TH-cam on the topic and this is by far the BEST. Straight down the middle. You guys earned yourself a sub ;)
Thanks! That made our day.
In the 90's small businesses had the flexibility to pay their top employees more. Now, everyone makes close to the same money.
Back than you had a great standard of living.
People got greedy and the cost of living doesnt match up with pay anymore
Communism
@@krysg1304 prices are going up but wages are not.
Wont have to worry about minimum wage when A.I takes over
Thank you for giving actual facts and leaving it up for people to make up their own minds. Its refreshing. I hate watching videos where they tell you what to think and give half the information. Keep up the amazing job you are doing. Keep getting facts out there so people can make an informed decision. You rock. 😁
"We can't raise it or the cost of living will rise."
-cost of living rises without raising the minimum wage.
Everything goes up in time but raising minimum wage that drastically wont solve anything it's just a quick fix sadly
@@eliazarperez3585 Why is raising the minimum wage to match increased productivity and inflation a drastic measure to you?
We are so up to our eyes in ideology, raising the minimum wage is considered radical, whereas each year and each day, allowing the poorest to be stricken harder is the "moderate" position to hold.
@@ericcheese7594 my bad let me explain it a bit. I meant its drastic because we the people arent asking to raise it a dollar we are asking and demanding to double it. Now that's dramatic and I believe it will delay any positive traction we have done on our already disorganized economy
@@ericcheese7594 I think if we can come to a agreement on raising minimum wage with inflation and adjust it on our economical needs as a nation we could have a good start on this wage gap debacle
@@eliazarperez3585 FDR created the minimum wage as a living wage. Perhaps they don't like it but people are just asking for the inflation increase they should have gotten to begin with. Guess what, in my state of CT, if you make less than $21 an hour, you are in poverty. The minimum wage here is $11. How is a person going to make a living off that?
Before anybody says anything... only 10% of minimum wage workers are kids, the rest are adults and the elderly.
Also.... if businesses cannot afford to pay their workers a living wage, then they SHOULD go out of business. Get a better business plan that allows your workers to thrive instead of suffer. Everybody deserves to get ahead.
First off, great video. It was very thought provoking, even with my sleep deprived brain.
Second, I don't think raising the minimum wage is a good idea. The loss of jobs would be too great, more people would go on government assistance. Minimum wage is meant to be a start. People should be motivated to get out of those jobs. That's why I keep pushing myself to learn more and to work harder.
Thanks for watching and leaving a comment, esp. when you are sleep deprived!
People who work apply for federal assistance because wages are low...your concerns are a waste of time, seriously....plenty of facts out there that show the wage should have always been attached to inflation.
I’m totally agree with you except one thing. I think we not gonna lost meny of jobs but businesses will increase prices. It will hart a lot people and minimum wage workers will not get anything to theirs packets. We got this situation here in NY many times.
@@helllevelled9233Where I live, we raise our mini wage by 2.65 and we had the lowest unemployment rate in 10 years. And we added more jobs.
@@shawnleestephens9627 it would be even better without minimum wage increasing .
Not only will people lose their jobs but it will make it more difficult to run and even start a business. Good luck to you.
:v
biden is raising the MW today
@@grandking8338 well if you’re a minimum wage worker there a good chance you’ll be losing your job.
@@chaserohwedder8852 yup these morons dont understand that there is more automation happening. Look at walmart and McDonalds with their self check out kiosks.
Legendary 335 Ik he’s finna break amarica in front of are eyes
$13 hamburger wtf??
it's an example, relax
@Brian Abisdid No, you just need an airport with limited competition.
Looks like America is gonna lose some weight around the middle. 😜
@Just DoIt a very popular chain of hamburger restaurants called five Guys they charge $8.25 for a burger. We have three different Burger chains other than five guys that for a good burger is about $4.50 to $5.50 per Burger.
@@PAVANZYL And very high RENTS... funny how people think business income is all profit...
If you make min wage, you need to improve your skill level. I worked hard to get to my current wage level. I was homeless in 1999. Today, after years of hard work and training, in my current position pays more than min wage. It was never easy but my family and friends recognize that I have raised my standard of living. I didn't rely on the government or other organizations to get here. Now raising min wage to $15 is going to kill all that I have worked so hard to attain. Remember you are ultimately responsible for yourself.
Some businesses can just replace people with machines. Some companies like whole foods and target that tried this before will have to cut hours so youre getting paid 15 but making less per week .
Work at target, can confirm this is not true
@@alexanderdelarge5103 so tell me from your experience since you work at target 🎯.
If your employees work full-time and you can’t afford to pay them a livable wage, you shouldn’t have a business, period. No one working a full-time job should be below the poverty level.
insane comment, Bye bye mom and pop businesses. Hello only corporations
And bosses sometimes slightly lower your hours so you are just under full time.
you never get ahead everything goes up.
That's the governments printing money for you.
An increase in the minimum wage has proven to cost more jobs for minimum wage workers than it does to improve them. In Seattle, workers were fired in massive numbers, and, as we all know, having a job is better than being unemployed.
There hasn't been an increase in 11 years though and each time it did increase, it not affect jobs or prices. Economist will confirm that true historically. What economist will also say is that a federal minimum is not an economically sound concept since local economics vary from state to state and city to city. An increase to the minimum wage will still not be enough in some places and be too much in other places.
So what should be done instead? It seems like Denmark has never had a minimum wage and yet McDonald's (American company) workers are making $22/hour there. Why is that? Because they have strong worker unions that allow for workers to negotiate a better deal and better worker rights than America. America should take notes.
1. States should absolutely adjust their own minimum wage to meet the needs of their citizens, but a Federal law will never meet the needs of workers in both San Francisco and rural Wyoming.
2. Minimum wage hikes are always associated with a spike in inflation, which disproportionately affects the very workers it also helps. It has diminishing returns.
3. The biggest proponents of raising the minimum wage sometimes aren't earning anything close to it. Big unions often have wage structures that are a multiple of minimum wage, so a $3 raise for MW workers could mean a $9 raise for an already-middle-class worker. This isn't necessarily good or bad, just be aware of who is making the argument, and what their own motivations might be.
Thanks for letting us know what you think!
Why would the middle-class worker's pay go up?
@@artuselias Everybody needs a bump up, including the middle class. It is unfair to just raise poor people's wages when the middle class has had to suffer under Republicans chipping away at them as well for the last 50 years.
Darrkstar420 stop taking my money peasant!
The other thing is that that middle class worker in your 3rd point who is already making more than $15 isn't guaranteed a raise at all.
How about a maximum wage? Should the CEO of a government contractor get 20 million dollars in annual compensation? That's your tax dollars paying one man $20 million dollars a year.
Which is why a government controlling a market is never a good thing.
@@bane3991 Then why does everyone want Biden to do something about high prices?
I feel like things would be more expensive, and businesses would have to shut down or lay off employees.
That’s what’s gonna happen, especially with Biden most likely winning this year
@@ChampaRealLordChampa well
That’s going to happen anyway. The cost of living goes up every year naturally.
@Freedom Speech You are just a brainwashed puppet spouting long debunked slogans and oozing ugly envy without the slightest clue what you're talking about. But, hey, thanks for playing!
@@FletchforFreedom lol
The cost of living has constantly been going up even without minimum wage increases.
But the arguement is that it will spike with a 15 dollar minimum wage
Right now its steadily going up so employees and employers are working together and raising wages ever so slightly to capacitate it, whereas if it just suddenly spikes, yes u will have that 15 but with the cost of everything it's the same as having the 7.25
Brian Abisdid so it comes down to supply and demand if the cost of labor increases that means more people will want to work, however, less people will be willing to pay for that work. Also while the price of everything will not double typically the cost will depend on the elasticity of the product. Insulin for example would probably double because it has very low elasticity where apple cost would be more or less split 50 50 between the producer and consumer because it is much more elastic.
@Brian Abisdid actually it will, it wont double but it will go up to match the earnings of the bottom class, if you look at the states and cities with the highest costs of living in the US, one thing you will realise is that they all have a minimum wage close to 15$/hour.
why does this happen though, its as someone else commented, prices are based on supply and demand, right now the supply and demand are in perfect balance to produce prices we see today however, if the minimum wage is increased, the demand for items also increases steeply so unless they can magically find new goods to fit that demand, yes the cost of living will go up to suit the rarity of the items in comparison to the new demand.
In simple terms, you are giving everyone money to afford things that are of a fixed supply, therefore higher demand, same supply so you have an increase in prices....
@@jeremiahkalekyezi1585 no it won't sorry man.. What will happen is the workforce will slowly stop hiring and some people might get replaced by machines.... Automation will be more used and people might have to find other jobs...
@@johnburton1205 that will happen for those who can afford the machines, however, the small local businesses will be forced to pay
My favorite quote "If they lowered the minimum wage, I would have to penny pinch and I would have to learn to budget." I am not sure we want people learning ... Sounds risky.
It is AMAZING to me that some people EXPECT an Entry Level JOB to Fulfill the totality of their economic needs. Why do they not feel the AGENCY (in lew of working 7 days a week) to acquire additional job training, Education, and SKILLS that will lead to a Higher Paying Job.
I work in retail (which takes skills, btw) and earn just $12.10 an hour. While that is pretty good for retail, I also live in an extremely expensive area and struggle to pay my bills on that salary at times. I've never gone without food or a roof over my head (thanks to my parents letting me live with them and pay "rent" towards common household expenses as well as chipping in for gas and electricity bills), but there have still been months where I've had to "Rob Peter to Pay Paul" because something unexpected came up that threw my budget out of whack, like catching a bout of the flu and having to miss shifts at work because of that.
@@lindsayschutz not trying to knock you but retail is not a *valuable* skill. Stylist, accountant, carpentry, nail technician, truck driver, masonry, landscaper, etc “something you have to offer” is a skill. And you usually don’t see these peoples pockets hurting.
Look into some type of schooling, vocational, or self teaching for a skill you can offer to others on your own 😉
@Vlad Xavier No Wages do not compete with inflation but minimum wages do increase inflation FASTER than it would if you let it naturally run its course.
it doesn't refute his point though. A job's worth is based on the skills needed to fulfill that job. Full stop. A company does not go "well It doesn't matter if a trained monkey can flip this burger, I need to make sure he has enough money to have a 2 bedroom apartment and groceries and gas to get to work"..
Not the way it works. Supply and Demand is a law that has to be satisfied and cannot be forced by a government's gun.
If you are stuck in a minimum wage job 1 or 2 things are true if not both.
1. You only get jobs you apply for, if you only apply for jobs that provide a wage you need, you only get jobs that provide you with a wage you need.
2. If you cannot get a job that pays more than minimum wage, then you lake unique skills that are in demand thus cannot command the wage you think you deserve.
Guarantee if we interviewed minimum wage employees either they have a degree that is apart of a saturated market (demand) or they lake unique skills that are in demand to provide them with something more than minimum wage (supply).
You will not find both. Supplying something no one needs = Minimum wage
Having a "communications degree" = Minimum wage.
No unique skill = Minimum wage.
@Vlad Xavier Breaking down your comment to help respond
*What happens when the wages eventually don't catch up to the cost of living?*
That will never happen. NEVER. There will always be a wage available to meet living requirements.
Minimum wage will NEVER be that.
*I would say currently we are still in an alright position. Though if we continue on the same course, people earning well over minimum wage won't be able to afford a living.*
This will only happen if you support a minimum wage. Supply and Demand states that if you need a specific wage for living and you only apply to those positions that offer it. You will have a living wage.
If you cannot get that wage you want, you are either missing a degree, missing a unique skill or your skill is within a saturated market lowing the value of that skill.
*It's a systemic problem that is slowly growing and I'm not sure anybody has a solution to it.*
Yes, removing the minimum wage would actually be the solution to it.
The Band aid mentality means "we have to have a minimum wage or people will starve". when in reality if you give them the skills required to succeed and that skill is in demand then they will not starve.
You will never have someone in Minimum wage if they have a unique skill that is in demand.
If you find one, that means they are only applying to minimum wage jobs and excepting the first thing that comes along.
Unskilled Labor = Minimum wage.
*If you were a truck driver in 1980, earnings were an average $37k, which is $106k today. The average earnings for a driver in 2020 are $49k though*
*You can experiment with the earnings in every industry and you get similar results. A vastly outcompeted dollar on an inflationary and wage level.*
*Federal minimum wage is $9.50 and will be $15 by 2025. Might sound good, but come 2025 they will ask for $20, guaranteed!*
None of that refutes my point of skilled labor vs unskilled labor and Supply and Demand.
Markets always adjust to where people have purchasing power. If no one can buy anything, then no one makes money so the market has to lower it's prices to account for .. .. Supply and Demand. This is fluid.
Lets see....
1. Raise the Minimum wage
2. Rent goes up
3. Prices on food and other items go up.
4. Jobs cut hours of employees
5. Jobs raise prices on menu items
6. Several of the workforce is cut/laid off
7. Businesses are forced to automate
8. More employees are cut
9. Small businesses are killed off
10. Buying power off minimum wage increase means nothing.
11. Start back at #1
If businesses can't pay minimum wage workers more money they shouldn't be in business
If people want more money, why not just find another job that pays more?
@NYRyder1983 because it is not as easy as it sounds, not every job you apply for, you are going to get hired. Also, certain jobs require experience,certifications and licenses, or college degrees, that's why. Capitalism is the reason why the economic system doesn't allow their workers to get paid a living wage which is why I hate it!
@@blacklyfe5543 increasing minimum wage isn't working either. Jobs get eliminated just as fast. I agree with you that finding work isn't easy, but increase in minimum wage isn't the answer.
TH-cam removes my comment or its hidden from me
When I click on read more, it doesn't allow me to read your responses in the app it's annoying.
Here in California, for every $10 per hour an employer gets paid, the employer pays payroll taxes that total to about $14.50 per hour. I hope you understand why a higher wage destroys jobs.
California is a total mess economically for obvious reasons. And most employers do not actually pay the payroll tax because the way they get around paying it is by paying their workers a low wage. It's the same thing with sales taxes because a business legally has to pay a sales tax but we all should know that it's the consumers that pay the sales tax. These things are so obvious it blows my mind that this has to be explained to you people over and over again. Also, there is a good video explaining the wage debate here: th-cam.com/video/hL5VOorY9pw/w-d-xo.html
I like how Washington has a 15 dollar minimum wage and doesn't have that problem
No matter what the minimum wage is you can't survive on minimum wage.
you are not meant to survive on m/w. You need to study
@@jdmesa0925 I think thats his point though. Regardless of what the m/w dollar amount is, you will not be able to live off of it.
@@lablastaz then I agree, friend. Just added my two cents about studying.(not to Lewis Gilfillan, just in general)
Hmmmm. This one’s going to be long. I started my first job at 16 in a pizza buffet making 5.50/hr. I’m now making 19/hr working for a small private clinic as an office manager I didn’t go to school to be an office manager I actually went to school for medical billing and coding, I live in Texas just for context btw. In my office we start an entry level Medical assistant with no experience at 11-12/hr. If you increase the minimum wage to 15/hr we would then have to require that that MA have some experience at least 1.5 to 2 years, this would be due to the fact that we have to pay for malpractice insurance for not just my boss who’s a doctor but for the MA’s themselves also we would not be able to hire any entry level MA’s who could gain experience and move on a year or two because they would be an expense that we could not afford as a small private company. I’m saying this because the private sector is a sector that honors a good worker and honors a good pay for good work. This would destroy my company and leave so many entry level workers out of a place to gain experience. Also I started at around 11/hr but as I took what learned in school and on the job as an entry level MBC I got raises that took me 17/hr in 3 years honestly that’s not bad I got the promotion 2 years ago which in those 2 years I got a dollar raise every year on my anniversary I’m set to receive another raise and also we all get bonuses Christmas and every few months. If you destroy the private sector you will destroy a huge part of the economy. If you wanna get paid well get a skill I went to school for a year!!! And learned the rest on the job!!!
frank navarro amen broda
I’m 27, I’ve made over 1 million $ welding....I couldn’t imagine work at a grocery store for minimum wage.When I was 14 I was picking watermelons for $5 an hour cash.... I swore as soon as I turned 18 I would move off and find a good paying job. I moved to Alaska with $2,000 and only a few names and phone numbers lol.... glad I did!
^Unique skill in demand.^
If someone has Minimum wage, one of these things are true. (maybe all)
1. Has a degree in a saturated market. (Demand is low)
2. Has no unique skill that is in Demand (Demand is low)
3. Has no degree that a degree is required to practice the unique skill they have. (STEM)
You will never get paid Minimum Wage if
A. The jobs you apply to don't offer minimum wage.
B. You have a unique skill that is in demand.
If you cannot get a job outside of minimum wage.. See Steps 1-3.
If Steps 1-3 do not apply, See steps A and B.
Shut up
Shuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuure you did 😂😂💀
This was an excellently done video comparing both sides. Personally I don't think it really matters what the minimum wage is in the long run. The bottom will always be the bottom. If we raised the minimum wage to $100 an hour today, the economy would contract and correct. Which would suck in the short term, but we would be right back at square one in a fairly short amount of time. You can't create wealth out of thin air.
So then we always have to adjust? No, that's wrong. It's always playing catch up. The government should not be making these big adjustments all the time
@@mjmclaugh4572 no there shouldnt always be big adjustments but destroying unions and leaving the minimum wadge to hang in the sun for almost a decade and a half is the current issue
Spot on.
@@mjmclaugh4572what happens when their is a price ceiling?
See, MSM, this is how you talk about hot button issues. No bias, just fair honest reporting.
As for my input in this debate, I see minimum wage jobs as entry level designed for the acquisition of work experience and skills to allow for advancement into larger more profitable employment. I think the welfare system is another huge part of the issues with minimum wage as well. It needs to be fixed so that it doesn't encourage harmful single parent households and promotes the advancement of each and every human in this country. All it does right now is promote poor family dynamics and encourage people to intentionally avoid bettering themselves by raising the opportunity cost of trying to get off of assistance.
A good example of this overreliance on government assistance is what happened in Seattle after they raised minimum wage to 15 and hour. Minimum wage workers realized they would no longer qualify for government assistance so they actively worked less hours so that their extra money from the government would come in like they were used to.
I hope I'm not out of line by saying this, but the government needs to stay out of this and let individual businesses work it out. Of course some government involvement is necessary, but it needs to be limited. The more government tries to do the more they tend to screw it up.
If companies don't want government involvement then they need to advocate for unions. That's the only way to get the government to stop mandating a minimum wage
Hate to say it, but I'm excited to see what people's reactions are when raising the minimum wage doesn't work and it just causes more problems 🤣
Where I live, the province increase the mini wage to 14 dollars, up from 11.35 per hour. There are 15 million people in Ontario and with the increase our unemployment rate was the lowest in had been in 10 years. We added more jobs.
@@shawnleestephens9627 how?
@@sabinal17 People spent more money and people needed more help. The employment rate was between 7 to 7.5% employment before the increase to a ten year low 5.5% after.
@@sabinal17 If you're not making minimum wage you can afford to do more things... Go out to eat... Go to other recreational activities and spend money that you didn't have before... It's really simple. But propaganda is effective at teaching the opposite. Businesses control our government and they do anything to cut cost.
They probably will blame it on something else. Like most times stuff doesn't work with liberals lol smh
"I might have to learn how to budget" ooooooof.
I don't get paid minimum wage and I had to learn how to budget.
@@th3n3wk1dd so its even worse for a minimum wage worker
@@SUMO31364 no, it isn't worse for minimum wage workers.
The principles and laws of economics are the same regardless of what wage you have.
I see both sides, you should increase it from 7.25, but NOT all the way to $15. You will see how fast goods and services will go up in price and how many jobs will be lost due to not being able to afford to pay staff and buy goods that the company sells.
Basically the higher the minimum wage, the higher the cost of living.
If the purpose is to decrease income inequality, a universal basic income would be far more effective and efficient, and it would be far more empowering to low income workers, who could afford to walk away from jobs that were poorly compensated, and would still have access to them when needed.
Check out our video all about universal basic income!
I agree. I also think making education more affordable or funded by taxpayers would be more effective than raising the minimum wage as well. We need a society of engineers, technicians and medical professionals, not burger flippers and dishwashers.
Yep. And if you think drug addicts line the street now, just wait till UBI!
SuperPf4 that’s just simply not true.
The purpose should not be to decrease income inequality....why should people that put a completely different amount of effort into work receive similar incomes?
I suppose it depends on the economy you live in
Small town in Michigan, the price of everything has gone up EXCEPT minimum wage and our homeless population is becoming an epidemic.
Without question minimum wage needs to be raised
I still disagree. If the prices are rising but wages aren't, there's a fundamental underlying problem that needs to be investigated. Could be government corruption or it could be the town no longer has resources people are interested in (e.g. producing cars fewer people want to buy). I don't understand how raising prices or increasing unemployment via government mandated higher wages would fix this? Does it somehow eliminate the underlying problem?
@@zyzzer Yes, if the underlying problem is greedy employers doing their best to exploit workers to the highest degree.
Michael S how is paying someone a wage to do a job, exploitation? You also seem very certain that every business owner is just some greedy monster that is hiding all of this money away from their employees. If this were the case, it seems like it would be in everyones best interest to start a business and get filthy rich without paying their employees. It seems easy enough, right?
@@iamcosma7065 I think @bryan_with_a_why means that paying someone less than they're worth and not paying a livable wage is exploitation.
The state with highest minimum wage, Washington DC, also has the country's highest homelessness rate, by a very, very, VERY wide margin.
Minimum wage should absolutely NOT be a living wage. When you say it should, you are not being compassionate, you are saying "give me a bigger slice of pie or I'm going to throw the whole pie out the window." What if I lose my "living wage" job? It is damn nice to have a job that pays half or 3/4s of a living wage job in the interm, so my finances don't plummet at lightening speed.
The original intention of the minimum wage was for it to be a livable wage.
Good info. Great delivery. My brotha you gained a subscriber
Thanks for joining our crew!
As the presentation implied, one's position on whether or not to raise the wage almost doesn't matter; since each outcome doesn't solve the problem, it's the wrong question to ask to begin with. As briefly mentioned in the end, we'll need to look toward disruptive emergent solutions like UBI.
Minimum wage is starting point, with increase in experience and gain in skill the wage increases in time.
When you forced company to pay high Minimum wage you put them in a situation where they will either need to put more burden of work on employees or remove some.
They will also need to make change in their prices of service, which will result in other following suit and increase prices of their goods and services.
better let that decision between employee and employer that how much they will pay or will ready to work on.
Thanks.
@Brian Abisdid And its totally unnecessary in that regard. In Austin minimum wage is $7.25 yet even McDonalds pays $10.75. Wage slavery only happened because of monopolies (lack of competition). We don't need maximum prices, so why do we need minimum wages?
@Brian Abisdid Why should employees get a share of the profits? That's like paying shareholders wages. Also, the vast majority of a businesses' revenue goes back to the workers. Walmart's profit margin is less than 2%. Who the living fuck are you to say what the worker's "just desserts" are?
Sadly the price of living will rise in tandem so nothing would change
Minimum Wage goes up....So does the cost of living....So in the end, your right where you are now...So you achieved nothing by getting a hike in Minimum Wage.
The secret is that you need to increase the good supplies to lower prices in the economy.
Without increasing the quantity of the goods in the output, you have basically reduced half of your work force and forced those fired into poverty.
@rmenchoachupicachu Yea, I don't know what country you live in, But here in the states....We have a abundance of products and prices continue to raise....here having more product does not lower the price of something....lol the only time that is different, is if we can't sell that product or its not moving like we want, then we place ot on sale to get rid of it....but we never stock it again.
Well, 4 years later Pizza Hut is cutting 1200 delivery jobs in California due to $20 an hour minimum wage.
Minimaum wage means prohibition on hiring unskilled labor.
Or worrying too much about people do for work is why people are poor...also CEOs of companies like McDonalds thrive while those laborers suffer because (the richest country in the world) runs their economy based off your silly way to treat human beings.
@@DarkMustard1337 Aquire the skills necessary to compete on an even playing field.
@@DarkMustard1337 A number of people in America are also poor due to poor choices in life. Then they want someone to rescue them. They have never come to terms with personal responsibility.
@@DarkMustard1337 stop buying shit u cant afford, you not living in poverty
@@DarkMustard1337 wow these people are literally doing the blame the poor meme lmao
Not gonna lie: I listened HARD for bias one way or the other and didn't hear any. WELL DONE! It's a shame news channels won't follow your example and report just the facts.
"You can't win if someone has boardwalk and park place"
The ChilledChaos Consultancy Firm would like a word with you.
Had to look up what the Chilled Chaos Consultancy Firm was! Fun!
?
15 $ per hour is not even enough with our rising inflation ! What's really sad is how hard some folks are actually working just for a min wage ! I'd work for $7 an hour if the job was to sit down all day, read the papers and do nothing !
You can thank quantitative easing for that.
In my opinion, a *slight* increase (2-3 dollars) might be a good decision, it would give more wiggle room to people while still keeping inflation low. 7.25 to 15 is too grand a jump in my opinion.
Setting it at 45% of the median wage in a given county or state seems like a better system still, it effectively automatically adjusts for cost of living and inflation without destroying the job market in poorer regions.
Ideas
1. Don't depend on entry level jobs as a career.
(The reason is obvious, aim low and you will probably go low)
2. Develop aspiring goals and work hard towards that goal.
(I used to work 70 hrs per week and taking graduate classes)
3. Education ! Finish High School.
(if you don't then you have made choices that will greatly affect this issue)
4. Get training that will prepare you for better jobs.
(Training not only prepares and develops skills, but also exhibits initiative)
5. Build connections and networks
6. Don't waste time
7. Get and Use help
8. Be a volunteer
9. Be ethical and moral
If you fail to do these things, you are making decisions that will very greatly increase your likelihood of having to depend on a entry level job, that pays minimum wages, most of your career.
This is great advice. A lot better than the usual 'do better' advice that gets tossed around. Often time the path from entry level to finding a career is lost in the conversation.
Dear@@Cromzinc,
Thank you for the response, and thank you for the encouragement.
Hey, this is the United States of America,, and we have freedom, under the Constitution and Bill of Rights. We can use this freedom to work hard and become sucessful, or we can use this freedom to do nothing and complain and blame our lack of success on others.
Our family was by most standards, poor, but we used these points and we made it. Through hard word on each of these points, we significantly raised our standard of living. When we fell, we got back up and got back into the race.
Be Well,
DZ
The inverse to this is that 1. you go thousands of dollars into debt to get a college education, 2. if you have a criminal history, getting a job is difficult, 3. to pay for college which is expensive, you work multiple jobs but your college grades suffer and you're not competitive for that "entry level job", 4. to normally get a "real" entry level job, you need relatively experience, which can only come through internships which cuts into your actual jobs that pay you to live, and 5. I actually agree with a lot of what you said, but if you come from a poor family, good luck figuring all of this our or making it happen without any reference. Thats why the saying is "the rich get richer while the poor get poorer" because you only know what you know.
Dear@@JJDon5150,
Yeah, some of the issues you have listed can be problems, but may can be avoided if addressed early and there are ways around these issues (even if you messed up in High School, like I did).
1. Going into heavy debt for college is usually because of poor decisions. (the primary exception is medical school). There are smart ways around this. Avoid college loans if possible, because many adolescences misuse the loans and get in trouble. 2. Criminal history - almost always because of poor decisions. 3. I worked all through college (except 2 out of 12 yrs) and my grades were good. No-one says you have to take a full load, if you must work. 4. I did volunteer work and earned some experience. Many graduates are impatient and expect to start at a high level. For a few yrs. I worked 35 Hr during the week, and 37 hours on the weekend. and I was taking 2 graduate level classes at night, and my grades were very good. Of course I didn't go to college to party. I live in a university city I see many students wasting time and have seen some get in trouble and go to jail. They are probably the ones who got student loans.
If you come from a poor family (we were lower middle class who owned a family business so I had to work at the family business since I was 8 yrs old) it can work if you make wise decisions. Follow these rules in Middle school, onward. I finished college (3 degrees + 40 hr's beyond MA) with no debt.
When I taught Middle School, I explained these things to them, and reminded them that the decisions that are making "right now", will impact your success and how easy it will be later.
Be Well
DZ
I wish people were smart enough to understand that these jobs are extremely necessary and they should not be considered "entry level" because highschoolers still need to go to school and college students typically do college full time to get their certifications earlier. People have to work those jobs or they will simply not exist and we as the consumers are left with nothing. Basically our whole economy would collapse at that point. You are better off understanding the wage debate here: th-cam.com/video/hL5VOorY9pw/w-d-xo.html
The more they raise the minimum wage the more expensive things become. It's called inflation.
@@jimfaust6342 no it's called greed. The prices have gone up without the minimum wage going up
@@JayLew91 except for Arizona. Their Iced tea is still only $1
These people need to understand and realize that minimum wage was never intended to be a salary to live on. It's a low level entry job for teens between 16 to 19 years old just looking to get their foot on the door just to get some work experience.
If you want to make more money go to school and get a degree, get a better job or work for yourself and start your own business. If wages goes up cost of living will go up as well.
At first I thought this would turn negative to my beliefs and was ready to hit the down thumb, But.....This was actually very informative and He gave you the choice to explore both sides....very refreshing in this day and age!
So glad you found this valuable! We try hard to present multiple sides of issues in order to challenge people's confirmation biases and to help our audience decide for themselves how they feel about a topic, instead of being told how to think.
So you were ready to hit the "Thumbs Down" button solely on the grounds that it would challenge your opinion? not even on the quality of the video or conversation?
If you find this idea of being open-minded and willing to discuss different opinions so great, you should try it sometime too! I'm sure everyone around you will also find you very refreshing in this day and age.
@@DanielRosario02 ikr, he is contradicting himself. He likes that the video gave chances to both parties' arguments, but was ready to hit the dislike button if it challenged his beliefs. A wonderful case of "contradictio in adjecto".
Governments should stay out and workers could work together to demand higher wages, allowing for there to be negotiations between workers and companies. I also think there should be more emphasis on decreasing the cost of living by lowering taxes and regulations (especially on housing) and permitting more companies to compete, thereby creating more jobs and giving workers greater leverage.
"What Will Happen If We Raise the Minimum Wage?", the honest answer is companies will give the raise but will cut their employees hours!!!
@Jack Wimmer look up "minimum wage job loss" to find articles that report on real-time events showing raising mw killed jobs. it put things into perspective for myself
@Jack Wimmer On top of what Uluave commented we actually have records of evidence spamming over 100 years showing that when you raise the cost of labor it forces businesses to raise prices and cut hours to make up for the loss, it's common sense as a business owner and you obviously never worked for yourself.
They can’t really do that if they want to retain sales and revenue
@@matthewdubeau2802 the the point, everyone suffers from it.
@@londeners3321 I don’t think we should have a minimum wage
Raising minimum wage will cause the businesses to fire 30% of there work force , then expecting more work out of the workers! And of course prices for products, food will rise!
Don't complain when 3 McDonald's workers are forced to do the job of 6 or 7 workers ,
Don't complain when a big mac at McDonald's cost 7$
I think $7 is an underestimate. The price of a DBL Quarter Pounder meal is up over $10 now. This is first hand evidence of inflation and those number are just gonna go up if they have to pay the employees more.
Ok dummy let me help you...in 2009 the cost of a McDonald’s cheeseburger cost $2.39,
Today that same burger cost over $4...all with McDonald’s continuing to pay their worker the same wage. You see how inflation happens regardless to minimum wages increases yet or no? Some of you all don’t think before you speak. Now prove me wrong that prices haven’t gone up every year although minimum wage has stayed the same since 2009...I’ll wait
@@PreciStrike_96 like you literally just made the point that 2 have no correlation without realizing that you made that point I guess 🤦🏽♀️
@@trecome396 Great point on the cost of the burger. I never heard it that way.
@@trecome396 Your understanding of this is off. Inflation happens regardless of increasing minimum wage or not, but by increasing the minimum wage by that much at one go, it will accelerate the process of inflation and make the current situation even worse. So if it's already bad now, wait till after it happens.
In my personal opinion with what I currently know, is that it depends on the community that a person works at. I do currently work a minimum wage job and I have experienced that when minimum wage increases some one on the income change needs to pay for it
Hey Benny,
I think you're too sharp to be working for the minimum wage! I like the minimum wage and think it should be raised, sometimes even more than just to keep up with inflation. However, it isn't free! It has to be paid for with higher taxes on higher income levels; otherwise it causes inflation.
I hope you've been doing well in life in the time since you wrote the above comments!
It took me years to get above $15 an hour. The experience I gained with on-the job training was absolutely priceless. The first company I worked for kept me around because they realized I was cheap enough to do menial low-skill jobs. But I still managed to learn a lot and now make good money. If minimum wage was $15 an hour they would never have hired me and I would be flipping burgers right now.
Sounds like a problem with the company, not min wage. I hope those places go out of business.
@@DaBigBoo_ I hope they don't it was basically a free/paid college education.
@@DaBigBoo_ did you ever own a business
That's your personal experience. And most people can't afford to live for years on substandard wages until they are deemed worthy enough to make a living.
I guess the actual problem is managing a large increase in the minimum wage within a short amount of time. I think a better approach could be a smaller continuous increase in response to inflation. A long-term solution could give leeway for businesses to adjust and minimize negative effects on the economy. Such as the video explains, the value of $7.50 reduces over time. Therefore, a yearly increase could be imposed to make up for that decrease in value. An example could be a $1 increase in wage during the next 3-4 years, then a smaller increase ($0.20-$0.50) in the following years.
We have all been played
If the minimum wage had kept pace with inflation and productivity since 1968 it would be $24 an hour now but we have people making $15 an hour arguing that it is fair for people to make seven dollars an hour while people that are making $1000 an hour in the same company, are laughing all the way to the bank. Because those people making $15 an hour think that they are simply frustrated millionaires who will someday be able to make $1000 an hour. Good luck with that one.
At least you have Uber Lyft and door Dash. When used to need only one job.
dont ya think if large corporations had more competition it would make people flock to that competition the moment they started paying good?
Increasing minimum wage FORCES inflation to rise, decreasing TAXES, lowered the effects of the inflation needed to cover a increase in minimum wage. Plus if minimum wage is raised the incentive to get a better paying job decreases.
Sure for short short short period of time a portion of people will make more money at least until inflation catches up, and with doubling the minimum wage will not just put millions out of work but also force some smaller businesses to close because customers can’t afford to buy the products
Increase taxes** 🤣
2:56 of course you can win without boardwalk and park place, the best monopoly on the board is actually newyork/tennessee/st.james(orange) followed by red spaces and then yellow. that 4th side takes heavy investment and is less often traveled. sure you can get a lucky 2k rent, but a more steady 950/1k keeps you rich. the most visited spot is jail, and what lies (almost) in the peak of the statistical distribution of 2D6 with jail as a starting point? orange spaces(community chest occupies THE peak). you have a greater than 1/3 chance of landing on orange directly out of jail.
Dang! I'm glad we never played you in Monopoly! Our winning strategy is usually grabbing other people's money when they're not looking . . .
There's some suspicious parallels in this strategy with real life in how going to jail leads to vicious cycle of losing money and winding up back there.
Then again, Monopoly was not created as a good time.
This was a super helpful video on the subject! Thank you for all the great information!
Thanks for watching! Glad it was helpful. We love hearing that our videos have a positive impact.
It seems unreasonable to talk about the minimum wage when you use one of the most expensive cities to live in as an example, especially when that city is the NIMBYism capitol of the united states.
Hi there! Thanks for your comment. The pro/con arguments in the video are not San Francisco-specific. Our interviewees WERE San Francisco-based, because that is where we are based!
@@AboveTheNoise I know, but maybe try to find some other examples from other places if possible next time. Thanks for the reply.
@@Lycaon1765 Thanks for your comment!
A studio apartment in Seattle is about $2000. In Detroit its about $300. It's insane people want a "one size fits all" solution.
@@AboveTheNoise correction they are San Francisco specific because did you go outside that City and ask other towns? Of course not.
Good job citing both sides of that CBO report -- people getting out of poverty, but also the loss of jobs.
The question is whether the purpose of minimum wage should be to make sure you can run a family of 4+ and have a house at ANY income (hence bare minimum).
I currently don't see why that would be beneficial.
If someone wants to argue raising the minimum wage is the best way to combat poverty then by all means raise the minimum to $50.
There has to be a fair difference admitted between ideas we like and ideas that are good.
The first groups to get hurt by the negative trade offs that comes with higher minimum wages ARE the poor, the young, small businesses, the older and any groups that there is prejudice against would be the WORST off.
Look at graphs of poverty levels and homelessness levels since the 1920s onward and compare it to welfare expenditures and minimum wage laws.
The argument is not whether we should try to help the poor out of poverty but whether that will even result from such a plan at all.
Min wage went up to $15 here. now prices have all gone up .. for example a Big mac combo is now $14... Large fry is now $5. groceries have gone up 20% , rent has gone up to new Highs as the landlords pass their cost on to tennants.. At 16 piece dinner at KFC is now $47...
Inspiring video. The government should I believe not intervene in wages, instead it should facilitate workers by making education more accessible so people who are stuck in a minimum wage job can get out and move up. Also, free carreer planning and financial advice would certainly help. Free education for people who are stuck in a dead end situation, like single (teenage)parents.
The issue is that so many people in the modern day are stuck with degrees and higher education still working dead-end minimum-wage jobs. I'd say that while this is important (as in, making higher education less expensive and thus more accessible and reasonable), it's also important to return power to the workers to some degree.
I've heard that if the minimum wage increased with inflation since it was set to $7.65 in the 1960s or so (as it does in most other first-world countries), it would be $23 an hour by now. So it is important to increase the minimum wage with inflation to a degree; it's about time that they link the two together to prevent the minimum wage from losing its value even further.
From there, I would say it's most important to instead increase the rights and powers of Unions instead. With increased union rights and the criminalization of union-busting (along with things such as corruption hopefully), it would be possible for the workers to negotiate their fair wages with the companies directly, and so it would only affect the larger companies in cities where the minimum wage isn't enough.
If minimum wage is increased, then not only will more people lose their jobs, but people that were still employed will lose hours and full employment benefits. If businesses start to lose money, they will take away you're benefits before they take a hit
Work morale will not be high if people currently earning $15-$16 an hour suddenly have a slew of people walking in off the streets making the same or close to the same money. Imagine being with a company for 10 years. You have a 4-year degree and you have made vital contributions to the company cause. You make $15.64 an hour. Now enter an 18-year old kid out of high school that comes in and makes nearly the same money as you. Not a good morale booster at all.
This idea that the world would suddenly end, doom and gloom stuff isn't based in reality. There have been times even in America where businesses had to pay their workers better and it didn't hurt the businesses at all. There have been many worker strikes and riots in the past just to get us to the 8 hour work days when before it was 12 hours and over with chump change before. The owner class have always tried to spook people with that kind of talk and sure it works on a lot of people like yourself but anyone who understands economics and history, knows that workers can and should be paid better than they currently are. A good video on the minimum wage debate is here: th-cam.com/video/hL5VOorY9pw/w-d-xo.html
Actually most jobs in Texas pay more than minimum wage. And some parts of the state already pay $15/hr and with overtime you can take home $2,000/ week.
I can confirm this as well since I also live in Texas. However the issue shouldn't even be that people should be payed an arbitrary amount that is set on a federal level. Instead it should be based on the value labor of what the workers bring to the business. That's the ultimate problem with the wage system. A set hourly wage does not account for the work that the workers do and the workers typically do work that far exceeds what they are being paid for in that hour of work. Channels like this try to pretend to be fair and balanced by presenting a "Both sides" perspective but there are only two actors in this video. Also, it doesn't make any sense to include the owner class because their opinion is obvious and will not change. It's like bringing in a king to ask if he thinks democracy is a better idea for the people. It's pointless to do that. And a better video explaining the wage debate is here: th-cam.com/video/hL5VOorY9pw/w-d-xo.html
@@Hunterchuck "instead it should be based on the value of labor an employee bring"
I agree with you 100% What you earn is directly related to the amount of value you bring. It is my belief that if you want to make more money, you simply have to provide more value. Job wages are set based on the market and what people are willing to work for and that determines the value of a specific job. If you have 100 fast food restaurants in an area paying dishwashers $13/hr. Then the value of dishwashers is $13/hr. And an employer offering $10/hr for the same job will have a hard time hiring or keeping employees.
Value is not a popular argument and alwats gets thrown out the window unfortunately.
I'll check out that video you posted
I'm sure someone else has said this, but this all assumes political control over the minimum wage rather than tying it to inflation and/or the average salary of workers.
This was a good video.
I personally think minimum wage should just be raised to $9/$10 an hour. I say that because its been the same for 10+ years and prices have slowly gone up while it stays the same. As a small business owner (& part time under a company) , I know what will happen to some businesses like the guy said. If I have 4 people employed, I'm going to see what I can do to reduce that to 2 employees and what technology I can bring in so I won't have to be affected much. It will also end up with employers giving more work to the smaller amount of employees after letting some go= you do the work of 2 people. Bigger companies might have more leeway with that depending on cost' and employee amount
Raising the minimum wage also means that many of the people whose positions aren't redundant have more purchasing power significantly increasing demand and potentially making your employees more valuable. The optimal value for the minimum wage definitely is specific to a given region and should probably be set at a percentage of the median wage in a given county or equivalent small region perhaps at 45% of the median wage. That would adjust for inflation and the local cost of living in a relatively easy to calculate way. Even in Mississippi that would result in a wage that is higher than federal minimum wage.
@@garethbaus5471 I think the problem is that the issue is presented as a zero sum game. Raising it to $10 would be a reasonable compromise to not raising it at all. And it is a 33% increase.
But I can already hear all the moaning that that isn't enough. I think if Republicans could agree on raisong it to $10 some democrats wouldn't even go along out of principle. But it's much better than not raising it at all.
Doubling it just is irresponsible, the fallout from that is going to be problematic.
@@dekippiesip $10 is less than the inflation adjusted value of the minimum wage the last time it was updated. The federal minimum wage is old enough that it could get a job, it was already low when it was set and it is perfectly reasonable for that number to double over that much time. At this point the job market in most of the US already sets entry level pay in fast food around $15 an hour, it really shouldn't be legal to exploit your employees more than an entry level worker at McDonald's.
At 6 min, on another note....if the gov reduced gov handouts, people would make better decisions bc they wouldn’t be able to rely on the gov to bail them out.
The fact that were fighting to double it plus some shows how far away from livable it really is
It also shows how poeple failed economics 101 and history.
Riasing minimum wage does not make poor poeple richer.all it does is cuase infalation meaning moeny just becomes less valuable,price of products and housing go up and decent jobs aren't decent any more.
@@starandfox601 Furthermore, it prices anyone out of the market who cannot at least produce whatever the minimum wage is set to. You produce 10/hr and the minimum wage is 15/hr? Say goodbye to your job.
I was past minimium wage by 18 years old..... and at 19 I was above it by 50%. Working at a factory sucks, but it pays pretty good until you can figure out your future.
How about, instead of raising the minimum wage and giving the rich tax breaks hoping they'll create jobs, we just tax the rich immensely UNLESS they create good paying jobs?
Nobody creates jobs because they have extra money. They create jobs because they are missing out on money that working class people have to spend.
They will simply evade those taxes.
@@RampageG4mer exactly. people with money will go to great length, keeping said money.
@@m.h.6470 Should we do an episode about whether or not taxing the reach is the best way to reduce inequality?
@@AboveTheNoise I would definitely be interested in your opinion. I had a semester in politic economics during my studies and as far I remember/know, rich people tend to have so many opportunities to spend their money and so little incentives to reduce inequality, that it is *VERY* hard to tax them...
So tax the most taxed group out of their hard earned money and force them to do something that isn’t their responsibility for what? Because you’re lazy? Because your jealous? This statement is so naive. There are plenty of rich people that own huge corporations that have employed hundreds of thousands of people!
I’m not sure the federal minimum should be raised (even though it will this year for my own home state). I think it should be a state by state issue. Some may need that $15 an hour today, while some may need only $12 today. Having each state determine the minimum wage for its state will help determine the needs to fit its section of the US. I think we should start giving more power to the states. Not all, not even a lot power and authority, but more of it.
Minimum wage should be a state by state basis.
Calculate for cost of living and inflation = minimum wage.
Of course there will be outliers (states with big cities) and respectively calculate for that.
This implies that a state won't have the same basic widespread minimum wage. This is true because oftentimes there are pockets of dense population.
As with a lot of things it's not simple. Nuance is important.
Cost of living varies WAY MORE within a state than between states. A studio apartment in Stamford CT is more than twice the price of one in Bridgeport CT, and those cities are only twenty minutes away.
@@Dennis-nc3vw Did you read the whole thing?
@@RamonQuiro7 Yes, but you cannot strong arm supply and demand I know people want to be able to "fix the market". But no matter how fair you want to make it, there will always be minimum bars to the market,
Raising the minimum bar will just be the new minimum and everything will increase to match that new minimum.. We call this the "band aid" effect.
It doesn't really fix the problem, it just delays it and covers it for a short time rather than getting to the heart of what the problem really is.
Lack of unique skills that are in demand.
If you are in a minimum wager job you fall in one of these categories.
1. Unskilled Labor. (no degree, no experience).
2. Unique Skill with degree in saturated market. (low demand)
3. Unique Skill that requires a degree. (STEM)
If you fall in one of those three categories and STILL get minimum wage, it means you are applying to minimum wage jobs and accepting them rather than applying to jobs that use your unique skill that is in demand.
best video on the internet for context and information about wages without getting opinionated one way or the other. Respect.
Thanks for watching and taking the time to leave us a comment! We appreciate the positivity.
A better video explaining the wage system is here: th-cam.com/video/hL5VOorY9pw/w-d-xo.html
It's better to understand why a wage system is here in the first place. And ideas from "The Wealth of Nations" basically have given the owner class the idea that paying people a set wage is beneficial for them because a worker can obviously produce income for the business that far exceeds what they are being paid in that hour or monthly salary. Getting paid a set wage is how the owner class exploits the labor value of the people who do work for them. It's all systemic and intended.
@@Hunterchuck Funny enough my comment was specifically referencing that video. I watched that video first and found it to be entirely biased from front to back - specifically its use of langauge and traditional "liberal talking points" to frame the debate of minimum wages as a discussion about the history of workers rights in America. That video also goes on to make some errors in assumption, particularly around the point of "livable wages" which are not proven by any developed country to be a necessary aspect of development or social and economic mobility. The reason why this video is far bettter at explaining the wage debate without being biased is because it gives all sieds of the story without unknowingly using buzzwords and semantics that give away the opinion of the creator.
While I agree with your comments about "The Wealth of Nations," to some degree, the video you mention only provides a partial scope of the history of unions and their role in raising wages for american's throughout history. This video by the folks at CrashCourse, goes into much more detail about the foundations of wages, theories of markets and economies, the history of unions and wages, and also does an incredible job of remaining neutral: th-cam.com/video/mWwXmH-n5Bo/w-d-xo.html
@@10minutemeditation89 I like crash course too but they don't get everything right. Right at the start of the video they say that professional athletes get paid millions, not because they deserve it, but because of supply and demand. The demand of professional athletes is high and supply is low, therefore they get paid more. However this is not at all how it works. There are only a set amount of teams and they are always full, so this debunks the notion that they are in high demand. Because if this idea of demand being high applied to the real jobs then we would see the same economics apply to those "starter" jobs. Also, the professional athletes get paid a lot of money thanks to advertisers. Big corporations throw a lot of money into sports to advertise and on top of that the over-priced tickets/food contribute to it as well.
Unfortunately not everyone gets it right all the time and that obviously applies to crash course. Also, this video is very biased because the talking points favor the business owner and the idea of keeping the wages low. I'm very good at paying close attention to the language being used. Also, the "two sides" of the conversation is limited to only two people. That will never give a fair representation of the conversation. And another thing, there is no reason to include the business owner class because we already know their perspectives and it's never changed after all these years. It's like asking a king what he thinks about democracy in a time when there are lots of people wanting to be rid of a monarchy. Very silly to bother to include the king in that conversation.
You also need to be careful about how you use the term "bias" to shrug off points of views you feel uncomfortable with. I'm very biased when it comes to facts and data. Christians hated the theory of evolution and would often say that people who agree with it are very biased. But guess what? Obviously they are biased. Everyone is biased. The important part is what is correct and true. Not whether or not someone is biased... 🤦♂️
@@Hunterchuck Dude what are you even talking about? We don't need to listen to the business owners and business class?!?! Yea lets just start silencing people who have a different opinion, that's gonna lead to great discussion and NEVER lead to violence...
Dude - dig the shirt and the obvious business lessons! Appreciate the learning. Need more of these types of videos.
Remember, workers used to work 6 days a week, 12 hours a day!
Argentina.. they kept on raising minimum wages over and over again. now they are completely down to the drains! Many small businesses gone out of business...
Raising the minimum wage too high will kill small business
Nope it won't. What kills small businesses is big businesses and our government screwing them over. There was a great conversation from the chairman of the American Small Business League in a stream recently (Hopefully a video of the full conversation gets posted soon) explaining the systemic reasons why small businesses get left behind and screwed financially by how our government operates. Our government favors the mega corporations and allow them to eat up the market so that there is nothing left for the small businesses to survive on.
Also, a better explanation on the minimum wage debate is in this video: th-cam.com/video/hL5VOorY9pw/w-d-xo.html
@@Hunterchuck instead of a debate and unsourced information, th-cam.com/video/0fsVI3EmUnQ/w-d-xo.html, a documentary of how raising wages too high kills smaller businesses and creates a monopoly of sorts. I cant say anything for you claim about corporations and government spit roasting smaller businesses but as you don't share any evidence about your claim... but it's believable (just want to see some proof)
@@leovang3425 Firstly, the video you linked doesn't have evidence to back up the claims. The reason why those car wash businesses were being shut down was ironically pointed out in the video itself: "They have engaged in rampant labor law violations."
Secondly, small businesses are fine with a $15/hour increase. Many small businesses already do it, even here in Texas and here is some proof to that point with this article: www.dallasnews.com/news/2019/09/17/dallas-county-raises-minimum-wage-for-its-employees-to-15-an-hour/
There is no reason to assume that small businesses are barely hanging on and they are on their last legs which if a small gust of wind were to blow on them they would crumble and fall down. That's a ridiculous fantasy you are creating in your head to suggest that your wrong opinions are facts.
Also, there are plenty of organizations out there such as the American Small Business League that have been pointing out the systemic economic reasons why small businesses have a hard time surviving. These issues stem from large businesses and government, in that exact order. Here is a very insightful interview with the chairman of the ASBL here: th-cam.com/video/U3k8LNuYNwg/w-d-xo.html
Get educated. Throw away the propaganda.
@@Hunterchuck It 100% will kill small businesses. They already pay taxes, unemployment, workers comp, licenses, rent, equipment, power, internet, training, vehicles, maintenance, and tons of other things. If the small business requires skilled labor you might as well close the doors. No one is going to do a skilled job and get paid the same as working a desk at a hotel. You couldn’t find workers if you wanted too. Not to mention inflation for the products getting shipped to you or that you’re selling would make you lose customers, employees, and product. Do some research or go run a business for awhile and see where that gets you.
@@getrekt2335 I'm a small business owner and i'm telling you that $15/hr will not destroy my business. But I also understand that the financial circumstances are different depending on industry. The problem that you don't understand is that the 'skilled' jobs should be paid better to begin with. I'm seeing engineers getting paid a meager $40,000/yr and guess how much the owner of these businesses are making?
You should think about that. There are business owners out there that pay their employees better than they pay themselves like me and Dan Prince the CEO of Gravity Payments. These things are possible as well. Business financing is just basic math and once you do the math you can understand what is affordable and what is not. You'd be surprised. Start a business and find out.
What amazes me again is when they say they have to fire ppl to pay ppl a living wage... How does it make u feel as a business owner to know your employee can't afford rent or your employee has to work 2 jobs or your employee can't sustain a 500 out of pocket expense. Let me tell u the owner maths u raise 2 employee pay by 1 dollar they claim they have to raise there burger by 1 dollar 50 burgers sold a day they make 34 dollars extra this is how they think
I would be in favor of just raising the minimum wage to $15 and having it set to inflation and be done with it. After the minimum wage is set to inflation, then no one can ever raise the minimum wage again and use it as a political tool.
In Aust. it is and we dont have any problems with it.
But then there is cost of living and productivity to account for.
Businesses pay more than min wage in every state in order to compete with other employees for good workers.
So it would “boost the pay of 27 million workers” but would there be a lot less workers then?
And with the inevitable increase in consumer pricing, their dollar won't go as far and they will be no further ahead. The bottom rung is the bottom rung. If you make $1/hr or $100/hr as the minimum, it's still the minimum, and the economy will adjust accordingly.
I look at it this way. If you pay a baker $7.50 an hour to produce 10 loaves of bread that you charge $3 a piece for, if you had to pay them $15 an hour, wouldn't you increase the price of your bread to $6/loaf? If you didn't, you would lose money on every loaf you produced. So when the minimum wage earner takes his paycheck to the grocery store, he may have twice the money in his pocket, but the products he buys will cost much more. That's why I think the whole thing is just a shell game. There absolutely should be a minimum wage to avoid exploitation of labor, however, every type of labor has it's value. Unskilled labor is not worth what skilled labor is worth. A trained monkey can flip a burger, then you might sell that burger for $3. It takes a learned skill to, say, make a die mold for precision tools or parts, then you sell those tools or parts for $100's a piece. Which labor has more value? Minimum wage should be based on market value of basic unskilled labor, and pegged to inflation. Yes easier said than done, but they have teams of economists who can figure these things out.
@@100percentSNAFU it’s the disparity between the top and the bottom. I don’t think that anyone should have 100,000 times more money than the average American makes in a LIFETIME, no matter how useful they are
@God at what point do you draw the line on somebody’s earnings? Do you stop it at 100 million? 5 million?
@@jimsale9824 no minimal wage and 100 million income cap (per year)
@@god8348 Who died and made you God.. oh wait.
Problem is, If I make X widget... and this is something people want.
AND people come to me and say I want X widget... you are saying I can only sell so many because you think it is wrong if I make 100,000 times more money than an average American even if MILLIONS want this X widget? Not a very smart God are ya.
Most people get wealthy because they know how to invest and provide a service people need or have the means to invest in an idea and let the idea flourish.
Despite what the left has told you, you don't get rich by sitting on your money and putting it under a mattress.
Simple terms, higher minimum wage equals higher taxes which takes you back to square 1. Since shops need to pay their employees more, they need to raise the price. *am I right?*
It's not that simple and actually the 15 minimum wage would work in most places it actually needs to be higher what it needs to be tied to is to 60% of the median income they say that when you hit 60% of the median income that should be the minimum wage because anything higher than 60% does cause problems like the ones you're describing so 15 in Alabama would be great but it wouldn't even cause a problem in San Francisco or Seattle went really the median income is very high and 60% of it's most likely 25 an hour it's either that or we all unionized and collectively bargain cuz one of the others got to happen there's a lot of these Nordic countries that don't even have a minimum wage but they have very strong labor laws but it's like conservatives in this country don't like strong labor laws or minimum wages they just don't want you to win at all it almost sounds like
Going to need like 2 years of experience and referrals to get a job as a cook at McDonalds 🤔
In Australia a McDonald's worker makes about 20$ plus a hour
What if we raised it only for the companies that could afford to pay it so mom & pop shops don’t have to pay people off?
I'm all for reducing taxes. It keeps more money in the workers pockets and reduces prices
Is a simple ROI calculation of investment in tech vs human costs. Sadly, min wage increase makes the tech investment argument much easier, and many companies are choosing to go tech than more humans.
Not to mention, increasing min wage also helps big companies to stay in power and reduce start up competition that could challenge their market share. If you like to have higher unemployment and less competitive then it makes sense to fight for minimum wage.
You should have mentioned that only about 10% of the population makes minimum wage. Most companies start employees out at higher than that. And that includes people with zero experience.
Keep raising the minimum wage and I’ll keep raising my prices on the customer. Simple.
I mean, proves have been raising for years while the minimum wage has stayed the same. What's your point?
@@penny4thought168 Then the prices will raise even higher.
So we want everywhere to be as expensive as San Francisco?
I can't thank you enough for the neutral approach in your videos. These discussion can descend into political trench-warfare and name-calling so fast!
Thank you so much for citing sources as well, I wish more people did that.
Who’s here after Biden said he was gonna raise the minimum wage?
Maybe he does or maybe he doesn't but either way it needs to be done because our economy has become too inflated and the cost of living has in turn become much higher than ten years ago. A good video explaining the minimum wage debate is here: th-cam.com/video/hL5VOorY9pw/w-d-xo.html
@@Hunterchuck and you dont think that prices will increase once minimum wage is increased?
@@maxinvasionleet No and yes. Because it depends on the business owners. This is why taxing businesses doesn't work, because the owners just push it onto consumers and employees. Even Milton Friedman understood that and he's only a pseudo-intellectual 'economist'. Sales tax is paid entirely by the consumers and the payroll tax is paid entirely by the employee.
In Denmark, they pay the bare minimum of $22/hour and the cost of a burger only rose 50 cents extra. In America where our business owners are much more greedy parasites, maybe when people say our burgers will cost $30 more, it might just happen. 🤷♂️
Earliest I've ever been (and liked within 10secs). Keep never disappointing!
Keep never not watching!
The same time Social Security gave an increase my Mother's rent went up that exact same amount.
Looking at all the cities in the country, there are huge differences in cost of living. Maybe the federal minimum wage should be based on the particular cost of living for each city, i.e., it would vary from city to city. A full-time employee making minimum wage needs to at least be able to afford the basic cost of housing, food, clothing, healthcare, etc.
Thanks for letting us know what you think!
Its weird because when you break it down, having a job is when you do a task for someone and get something of value in return and yet most jobs dont give much in return.
You don’t need skills to flip burgers or stock shelves
@@k3th.b.w122 A job is when you do a task for someone and get something of value in return. If flipping burgers is so useless the owner can do it themselves.
@@LauraBow in many small restaurants they do for a long time. people dedicate their life to their business
McDonald’s doesn’t need to because they can take a monetary hit.