Re:Alone on the Open Road: Truckers Feel Like ‘Throwaway Peo...
by acover on Monday May 22, 2017 @08:50PM
(#14398004)
I didn't assume that. I was just correcting your statement about what transfers were occurring.
I do not consider myself an expert on this topic. It's good that you do. However, your evidence is weak. You have made a leap from restaurant exits to minimum wage is bad for the workers.
That there is disagreement among people better informed than I suggests I shouldn't hold my opinion strongly without good reason.
An ad hominem is not an argument. If we're going with logical fallacies to make our case, I'm going to appeal to authority: I understand this pretty well as I used to work directly on macro-economic reports at the largest broker dealer in Latin America upon which many international institutional investors based their investment decisions. Unfortunately, the citizens of the country whose economy I covered (Brazil) didn't understand these economics issues (among many), which among the reasons why its economy has contracted over 3% for the past 2+ years.
You're assuming that it's a strict wealth transfer where the size of the pie stays the same. It does not. The pie gets smaller when you reduce economic activity, which raising the minimum wage accomplishes as it eliminates jobs and puts businesses out of business. You can lie to yourself by using welfare to prop things up, but that doesn't work so well when the amount of taxes you collect to fund your welfare state drops as the economy shrinks. Eventually that gravy train runs out of steam.