Re:Job loss predictions over rising minimum wages haven't co...
by jonhendry18 on Monday November 25, 2019 @02:08PM
(#21631576)
The point I think is that the anti-increase people would have predicted that raising the minimum wage would be such a dire threat to business that it would decrease employment regardless of the wider economy.
Re:Job loss predictions over rising minimum wages haven't co...
by poke111 on Monday November 25, 2019 @02:28PM
(#21631786)
Not exactly. If the market-clearing price for low-skill labor is already above the minimum wage, it will have no effect. If the market price is far below the minimum wage, it will have a large effect - positive for the workers with jobs, negative for the ones who are priced out or have their hours cut.
Re:Job loss predictions over rising minimum wages haven't co...
by ben509 on Monday November 25, 2019 @08:36PM
(#21634904)
But there is an effect. We're telling people "you both want to enter into this contract, and there's nothing illegal or fraudulent about it, but if you do it, at least one of you is going to jail." That's morally indefensible.
Grand schemes to fix society by making an income distribution curve on a spreadsheet look pretty don't mean squat compared to your neighbors' rights.
If you happen to time your raising of the minimum wage to when the market was tightening anyhow and the market floor was going above your minimum wage anyhow, you won't see any negative effect, but not because you can just raise minimum wage with no effect, but because the market beat you to your raises. It's useful information, but not politically useful information, in the way that people are looking for. The question we really want answered is whether we can raise the minimum wage significantly above what the market would have done anyhow.