Re:Fewer than 40% of New Yorkers earn a living wage
by surement on Tuesday January 10, 2023 @01:04PM
(#34328878)
> if they did get a living wage then prices would go up and the living wage would be more and the cycle would repeat...
that's not how the world works
if they were paying them a "living wage" then they wouldn't hire low-skilled teenagers at all; if you raise the price of salmon roe to the same by weight as caviar, few people will buy salmon roe instead of caviar
and this is exactly what happens irl: "minimum" wage laws increase teenage unemployment, preventing them from getting experience, which no one (other than economists) factors into "wages"
"minimum" wage laws drive salaries down from low to zero (i.e. unemployment) for low-skilled workers, preventing them from getting more skilled
that's not how the world works
if they were paying them a "living wage" then they wouldn't hire low-skilled teenagers at all; if you raise the price of salmon roe to the same by weight as caviar, few people will buy salmon roe instead of caviar
and this is exactly what happens irl: "minimum" wage laws increase teenage unemployment, preventing them from getting experience, which no one (other than economists) factors into "wages"
"minimum" wage laws drive salaries down from low to zero (i.e. unemployment) for low-skilled workers, preventing them from getting more skilled