Re:Unnecessariat
by Animats on Tuesday May 24, 2016 @08:38PM
(#11766793)
They're not. But they'll get a lot of working people off food stamps and Medicaid, freeing up welfare resources for people who aren't working.
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Re:Unnecessariat
by AnimalMuppet on Tuesday May 24, 2016 @08:42PM
(#11766808)
It will also take more people out of the category of "working people".
Goldman Sachs disagrees. See link above.
Re:Unnecessariat
by AnimalMuppet on Wednesday May 25, 2016 @01:18PM
(#11771414)
The Goldman link says that the overtime rules will add jobs. I agree.
My comment was addressed to the $15 minimum wage, not the 40-hour week. The Goldman link does not address that at all that I could see.
Why will the $15 minimum wage eliminate jobs? Basic supply-and-demand economics. When the price of something goes up, the usage goes down. (Unless you can make labor a Veblen good, where the high price increases demand. But that depends on status signalling. You could think about trying to make that apply to labor, but I think it would be rare to have cases where that worked.)