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  1. #1
    HipKat's Avatar
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    Seattle Study’s Shocking Conclusion: Minimum Wage Increases Benefits Workers

    Fear mongering Repubtards wrong again, as usual

    https://ritholtz.com/2018/10/seattle...efits-workers/

    The dire warnings about minimum-wage increases keep proving to be wrong. So much so that in a new paper, the authors behind an earlier studypredicting a negative impact have all-but recanted their initial conclusions. However, the authors still seem perplexed about why they went awry in the first place.

    Seattle, like some other thriving West Coast cities, a few years ago passed an ordinance raising the minimum wage to $15 an hour in a series of steps. The law was a partial response to rising income inequality and poverty in the city, which began its postcrisis economic boom well before the rest of the country.

    The reaction was immediate, strident — and deeply wrong. The increase was an “economic death wish” that was going to tank the expansion and kill jobs, according to the sages at conservative think tanks. The warnings were as unambiguous as they were specific: expect restaurants to close in significant numbers and unemployment to rise, all because of this foolish attempt to raise living standards.

    Those ideologically opposed to mandated minimum-wage increases freaked out when a Seattle pizza parlor closed. Meanwhile, they ignored data showing Seattle-area employment in the restaurant industry on the rise. The critics even blamed Seattle’s minimum wage law for unemployment in suburbs not covered by Seattle’s laws. Despite their dire forecasts, not only were new restaurants not closing, they were in fact opening; employment in food services and drinking establishments has soared, as the chart below shows:



    Alas, if only the critics has done their homework first, instead of using scare tactics.
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  2. Rock on:

    cba fan (01-02-19)

  3. #2
    foster's Avatar
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    Increasing revenue for lower to middle class workers almost always translates into economic prosperity. These wage earners spend s higher % of their income and most of it is spent locally.

    This in turn generates a higher velocity (or turn) of the dollar and is able to leverage a higher gross margin return for every initial dollar spent.

    It’s pretty basic economics that the Trickle Down gang don’t want people to believe in.

  4. Rock on:

    cba fan (01-02-19),SackMan518 (01-02-19)

  5. #3
    cba fan's Avatar
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    Quote Originally Posted by HipKat View Post
    Fear mongering Repubtards wrong again, as usual

    https://ritholtz.com/2018/10/seattle...efits-workers/

    The dire warnings about minimum-wage increases keep proving to be wrong. So much so that in a new paper, the authors behind an earlier studypredicting a negative impact have all-but recanted their initial conclusions. However, the authors still seem perplexed about why they went awry in the first place.

    Seattle, like some other thriving West Coast cities, a few years ago passed an ordinance raising the minimum wage to $15 an hour in a series of steps. The law was a partial response to rising income inequality and poverty in the city, which began its postcrisis economic boom well before the rest of the country.

    The reaction was immediate, strident — and deeply wrong. The increase was an “economic death wish” that was going to tank the expansion and kill jobs, according to the sages at conservative think tanks. The warnings were as unambiguous as they were specific: expect restaurants to close in significant numbers and unemployment to rise, all because of this foolish attempt to raise living standards.

    Those ideologically opposed to mandated minimum-wage increases freaked out when a Seattle pizza parlor closed. Meanwhile, they ignored data showing Seattle-area employment in the restaurant industry on the rise. The critics even blamed Seattle’s minimum wage law for unemployment in suburbs not covered by Seattle’s laws. Despite their dire forecasts, not only were new restaurants not closing, they were in fact opening; employment in food services and drinking establishments has soared, as the chart below shows:

    Alas, if only the critics has done their homework first, instead of using scare tactics.
    Nice find HipKat. I too believed raising min wage was a good thing. I never expected what this article has found though and could not be happier for the positive effects.

    More than a few other countries have a living wage in this sector and a no tipping policy. I never assumed it would work well in US but apparently it does.

    Maybe the same ideological zealots like Rush and others who were ardently against this maybe inadvertently believed data from the same pollsters who got the last Presidential election prediction so very wrong.
    Last edited by cba fan; 01-02-19 at 02:53 AM.
    cba fan

  6. Rock on:

    HipKat (01-02-19)

  7. #4
    Meathead's Avatar
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    then you better sure as hell vote for whomever is running against the don next election bc all those tax cuts are expiring for the middle class and ready to flow directly and ONLY into the pockets of the already mega-wealthy

    it was such an obvious con job its utterly astonishing that the average person doesnt even realize it
    One set of rules for all in the beloved community

    Josh Allen is my adopt-a-nigga
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  8. Rock on:

    bcw (01-05-19),HipKat (01-02-19)

  9. #5
    HipKat's Avatar
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    Quote Originally Posted by Meathead View Post
    then you better sure as hell vote for whomever is running against the don next election bc all those tax cuts are expiring for the middle class and ready to flow directly and ONLY into the pockets of the already mega-wealthy

    it was such an obvious con job its utterly astonishing that the average person doesnt even realize it
    The average person does realize it. It’s the stupid people that make up his base that don’t realize it
    The Wise Men's Club of the Buffalo Range

    BillsFan51 | Founder & CEO
    thebowmanbody | President of Wise Men Operations
    Meathead | Official Morale & Hope Executive
    Hayward89 | Grand Minister of Wisecrackery
    jc856 | Gatekeeper of Logic & Reason
    HipKat | Campaign Manager


    #theresistance | #nevertrump | #notmypresident

  10. #6
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    A rising tide lifts all ships is what I say. The net effect is that skilled positions should be paid more especially since inflation has eaten up prosperity in our wages. The real issue is not that fast food workers want $15 but that wages have not risen along with profits and productivity. Kids straight out of college with Bachelor's and Master's degrees are making those kind of wages at the start under crushing student debt.

    At its core I think it's not entirely accurate to peg this on Republicans but more on Big Business especially Leftist companies like Amazon who pay their workers peanuts to slave all day in their warehouses.
    Sack

  11. Rock on:

    Meathead (01-02-19)

  12. #7
    HipKat's Avatar
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    Quote Originally Posted by SackMan518 View Post
    A rising tide lifts all ships is what I say. The net effect is that skilled positions should be paid more especially since inflation has eaten up prosperity in our wages. The real issue is not that fast food workers want $15 but that wages have not risen along with profits and productivity. Kids straight out of college with Bachelor's and Master's degrees are making those kind of wages at the start under crushing student debt.

    At its core I think it's not entirely accurate to peg this on Republicans but more on Big Business especially Leftist companies like Amazon who pay their workers peanuts to slave all day in their warehouses.
    Does Sacklicker know that his account was hacked by a liberal?
    The Wise Men's Club of the Buffalo Range

    BillsFan51 | Founder & CEO
    thebowmanbody | President of Wise Men Operations
    Meathead | Official Morale & Hope Executive
    Hayward89 | Grand Minister of Wisecrackery
    jc856 | Gatekeeper of Logic & Reason
    HipKat | Campaign Manager


    #theresistance | #nevertrump | #notmypresident

  13. #8
    foster's Avatar
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    Quote Originally Posted by SackMan518 View Post
    A rising tide lifts all ships is what I say. The net effect is that skilled positions should be paid more especially since inflation has eaten up prosperity in our wages. The real issue is not that fast food workers want $15 but that wages have not risen along with profits and productivity. Kids straight out of college with Bachelor's and Master's degrees are making those kind of wages at the start under crushing student debt.

    At its core I think it's not entirely accurate to peg this on Republicans but more on Big Business especially Leftist companies like Amazon who pay their workers peanuts to slave all day in their warehouses.
    And when Healthcare and education costs grow faster than the rate of inflation and/or wages, the net effect is a loss in earning power and a shift in where a worker's disposable income goes, rendering instability in the economy

  14. #9
    SackMan518's Avatar
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    Quote Originally Posted by foster View Post
    And when Healthcare and education costs grow faster than the rate of inflation and/or wages, the net effect is a loss in earning power and a shift in where a worker's disposable income goes, rendering instability in the economy
    Yes, from what I've seen all of the Republicans voting against wage hikes and for "Right to Work (for less)" laws are Koch brother money recipients. Those are the ones we want to ditch. Democrats are equally at fault by taking the Socialist angle for wake hikes without addressing the two points that you mentioned which is especially egregious since they're at fault for the recent healthcare hikes due to their support of ObamaCare.
    Sack

  15. #10
    foster's Avatar
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    Quote Originally Posted by SackMan518 View Post
    Yes, from what I've seen all of the Republicans voting against wage hikes and for "Right to Work (for less)" laws are Koch brother money recipients. Those are the ones we want to ditch. Democrats are equally at fault by taking the Socialist angle for wake hikes without addressing the two points that you mentioned which is especially egregious since they're at fault for the recent healthcare hikes due to their support of ObamaCare.
    Until there's 100% coverage, whether through private health plans or a government provided health system, the system will not be efficient as those that are uncovered will always be provided care at the expense of those that are covered.

    The goal of the original Obamacare proposal was to have 100% coverage through the private health care insurers (along with the VA, Medicare/Medicaid).

  16. Rock on:

    HipKat (01-03-19),Meathead (01-05-19)

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