Posted on 05/05/2015 8:39:36 AM PDT by rktman
Students at the University of Washington in Tacoma are getting an object lesson in the value of a dollar. As economic dominoes fall in the wake of a municipal minimum wage hike to $15 per hour in Seattle, university students find themselves digging deeper into their pockets to cover higher prices resulting from the mandate
(Excerpt) Read more at pjmedia.com ...
Darn good to see ya sir! Heard you had a rough weekend. We’ve been keeping you & yours in our prayers.
Don’t worry, the leftists will pass a law subsidizing the restourant industry in the area, thereby dropping the prices back to where they were.
No one will think about who is getting raped for the money to pay for it,it will just happen.
That, or the “price gougers” will be punished by the government. The business owners will not make a profit, go on welfare, the workers live better than they do, and the self-righteous left will goose-step on.
I have 1 Employee, his base salary before bonuses is $60K,
MY COST to pay that Salary is $100K after Insurance, FICA, Workers Comp,(All EMPLOYMENT EXPENSES)......If he does not EARN a Minimum of $200K in PROFIT FOR ME, I don’t need him. I also supply him with a Brand New Truck, Insurance, Fuel, Maintenance...
You are 100% spot on with the economics! It amazes me so many liberal government policy experts have Economic degrees. They must teach that in Econ 601
No, no, no. You need a B.I.G. Basic Income Guarantee. Everyone gets $50,000. If you earn more, it’s returned to its rightful owner in taxation.
yeah, that’ll work.
It’s no longer equal opportunity. It’s no longer income inequality. It has become Equal outcomes!
(and yes, I worked for $1.25/hr, too)
Wondering how soon before this minimum wage law is overturned….or a new regulations are written. Or, a new law passed making it illegal for them to go out of business/lay-off workers/cut hours…sounds like an Ayn Rand novel.
The Laws of Economics cannot be ignored, even by the All-Knowing College student..............
My coworker spouts that nonsense as do others ,and also the “Fox News is nothing but right-wing BS”.
There is no reasoning with them.None. Any attempt to set them straight with the truth is met by loud derision.Their minds are closed.
I worked for $0.50 and hour................
Brains of Steal...............
LOL!
LOL! When I finally settled into what turned out to be a nice 36 year career, I took a 90c/hr cut in pay to take the job at $4.05/hr with 3 kids and a house. Living wage? It must have been.
Well, it you can count my stint in the Navy, I think it was that or less at one point. :>}
O.M.G. Who knew????
My first job after having paper routes as a teen at 15 was a local fast food chain for 50 cents an hour.
I held that job just long enough to get ‘experience’ so I went and got another FF job at another regional chain for 65 cents an hour at a competitor.
I held that job for 3 years, off and on because of school, until 18 when I joined the Marines at 18.
When I got out 4 years later, an E5 at 22, with a real good skill, I made $5.75 an hour at a Fortune 100 company, in 1977.
I was making the Big Bucks!
That would be $22.27 an hour by today’s measure.:
http://data.bls.gov/cgi-bin/cpicalc.pl
What is often ignored is employers must raise the wages of the more skilled and/or more experienced workers.
“Do you remember working for $1.25/hr”
Yep, that was how much I was paid for my first job,which was picking up the broken bricks left behind after the brick masons finished brick-veneering houses.
I worked with an all-black crew of laborers, guys I grew to love. Most were broken-down alcoholics. Otto was a convicted murderer who had served seven years (the average sentence served for murder at the time in that state) in the state pen for murdering his wife. Our consensus was she probably needed murdering, though since she wasn’t around to tell her side of the story, we were probably a bit biased towards Otto. Herbert was an ex-navy cook, but that’s all I ever got out of him. Given his age, he almost undoubtedly served in WWII. Herbert chain-smoked and eventually died of lung cancer. His talent was perfectly squaring and planing footer ditches after they were dug by a backhoe, which the rest of us pretty much just shoveled out the loose clods.
My boss laughed his ass off when he handed me my first paycheck, which included the attached paystub which listed all the deductions. I was 17 then.
Bump
For a small business there's nowhere to hide. You make salary out of pocket and raise prices and hope that the revenue increases before the money runs out. If not, you're done, and it happens very quickly, and by the way, if the cost of benefits also rises, which it is, it can be in the blink of an eye.
Anyone who has ever run an business of any kind knows the equation. The problem is that the people making the decisions haven't ever done that, and figure the math is done when you multiply the number of employees you have by three bucks an hour. Business failures under these circumstances are a big mystery to them. Here's some news: being broke isn't a capitalist plot, and being unemployed isn't social justice.
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