Posted on 08/16/2019 6:30:54 AM PDT by central_va
With the “Fight for $15 External link ” making headlines, opinions abound about whether raising the federal minimum wage will have a positive or negative effect on unemployment rates. Advocates of an increase cite the impossible task of making ends meet on today’s paltry sum of $7.25 an hour and say an increase would have little effect on the overall economy. Those against such a move predict that doing so would cause employers to lay off more and hire less—raising unemployment rates as a result. As is often the case with such emotionally charged issues, especially in an election year, the broader conversation about the minimum wage tends to involve more feeling than historical fact. To balance such a dynamic, we decided to turn to the data to see what it reveals.
(Excerpt) Read more at onlinebusiness.syr.edu ...
The NEW minimum wage for those unemployed is ZERO.
I love academia, this is real simple go to, Seattle talk to the restaurant people end of discussion ...
The stat you’d need to look at is how many people are making minimum wage.
Unemployment would correlate across all income levels. The better the economy, the lower unemployment overall, and the more likely a commie will want to increase minimum wage.
Not all employment is created equal. This study should have segregated employment for wage earners and salaried employees.
The context of this paper is flawed.
If the minimum suddenly wage went to $1000 they’d certainly see a correlation.
I think the proper way to state the outcome of this study is to say there is little correlation based on historical minimum wage changes and the state of the economy at that time.
Unfortunately this article is 3 years old, so it doesn’t figure in the unemployment rate under Trump.
The reports on this from Seattle are BS. Many small businesses fail or let people go and that is normal. The min wage "disaster" is like the global warming hoax.
Assuming this study applies to unemployment of low wage earners, some demand is inelastic, meaning it takes time for price increase to affect demand. For example, increase in cigarette prices wont immediately affect demand but over time it will. Also gas prices.
An increase in minimum wage will not have immediate affect. Employers need time to make adjustments.
I dunno man.
I STOPPED going to fast food places on Staten Island because the waits have become UNBEARABLY long since higher wages have kicked in.
Coincidence? Maybe. I don’t much believe in coincidences.
On the plus side, I’m a fat #### so the long lines repelling me from going are a good thing :)
Simply would not believe any analysis of data done by tenured left wing faculty at Syracuse University. Did you expect they would arrive at a conclusion that ran contrary to the current “progressive” narrative? “Academia” is badly compromised.
IMO this is a loser issue for the GOP unless they get on board with a counter offer of $12/hr then tie the increases to inflation. Dear GOP, GET THIS OFF THE TABLE! The min wage is litmus test for millions of VOTERS that went to vote for Republicans but can't seem to shake the perception that it is at it's core a globalist party ( which it is for the most part).
The GOP needs to get behind an increase of the min wage FOR POLITICAL REASONS. The current $7.25/hr is joke and to stand behind that makes us all( I still consider myself a Republican but I wonder about this party some times) look out of touch with reality.
People go by the real world effects. And in the real world, there are layoffs, full-time jobs downsized to part-time jobs, higher prices, and even some companies closing because of the government-mandated higher minimum wages.
Screw the ivory tower's view of the real world. They've never lived in it themselves.
Whatever your political persuasion, you ultimately face ruin if you base your policies on politically correct delusions. Real progress and social justice only happens when harsh reality is honestly defined and understood.
Did the study consider the minimum wage after inflation? A correlation will most certainly develop if the minimum wage increases enough in constant dollars. No matter what the leftist academics at SU claim, your local Starbucks will go out of business if the minimum wage increases to $30/hour. If it increases a lesser amount, there may not be layoffs, but consumers will suffer price increases, and pension funds holding Starbucks stock will be hurt. There’s no socialist free lunch.
What does the law of supply and demand mean?
The law of supply states that the quantity of a good supplied (i.e., the amount owners or producers offer for sale) rises as the market price rises, and falls as the price falls. Conversely, the law of demand (see demand) says that the quantity of a good demanded falls as the price rises, and vice versa.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.