Meanwhile, in Florida.

[archibaldcrane]

I think people making an extra 10k a year because minimum wage increases pushed their $10/hr job to $15/hr (literally a 50% increase) will be better off, yes

[Day]

I guess we will find out remind me in 6 years

[Salodin]

I mean...even if they're only buying more stuff, how is that bad? That money doesn't dissappear, it trickles up and around and moves the economy which is kinda the point.

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[Day]

Trickles up and comes right back down right lol?

[archibaldcrane]

The "money velocity" arguments don't work out as well if half of what you buy is from Amazon or Walmart, true

[NynJa]

I think people making an extra 10k a year because minimum wage increases pushed their $10/hr job to $15/hr (literally a 50% increase) will be better off, yes

Will they though?
https://www.quandl.com/data/ECONOMIS...c-Index-Canada

Now, every province in Canada has their own minimum wage, and I dont know what province this is sourced from, however Alberta and Ontario had big jumps in 2018, and between summer 2017 and winter 2018, the big mac jumped 50 cents.

February 1, 2007: $8.00 minimum wage in Ontario
Price of a Big Mac: between 3.63 and 3.88 (3.75)

Fast forward 10 years, October 1, 2018: $14.00 minimum wage in Ontario
Price of a Big Mac: 6.65 to 6.77 (6.70)

Minimum wage went up 1.75x, Big Mac went up about 1.8x.

[archibaldcrane]

Are you under the impression that big macs represent a substantial share of the average minimum wage workers household budget?

[NynJa]

Run that exercise with anything else, if you can find historical pricing data.

[archibaldcrane]

Run that exercise with anything else, if you can find historical pricing data.

Price inflation occurs during periods when the minimum wage does not increase as well

That's the biggest reason it needs to increase

[NynJa]

You think that minimum wage is gonna go up significantly and the cost of goods and services will remain the same? I've offered proof, even if its "just the big mac", that it doesnt, wheres yours?

[Salodin]

You think that minimum wage is gonna go up significantly and the cost of goods and services will remain the same? I've offered proof, even if its "just the big mac", that it doesnt, wheres yours?

But the price of goods would go up regardless, so why not pay more then?

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[NynJa]

But the price of goods would go up regardless, so why not pay more then?

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I never said they wont, but they'll go up at a greater percentage.

[archibaldcrane]

You think that minimum wage is gonna go up significantly and the cost of goods and services will remain the same?

bitch i just fucking said prices are going to go up regardless, not remain the same

[archibaldcrane]

For example, in 2009 the US minimum wage was 7.25, and a Big Mac cost 3.57.

In 2020 the US minimum wage is still 7.25 (0% increase) and a Big Mac costs 5.71 (63% increase)

[archibaldcrane]

The largest household expense is shelter (rent or mortgage) which is not labor-intensive whatsoever. 2nd is transportation, which is not minimum-wage worker dependent either. Healthcare, mostly same. The marginal areas of household expenditure that are labor-intensive-by-minimum-wage-workers are a small percentage of the household budget, and minimum wage increases substantially boost the earnings of minimum wage workers in a manner that dwarfs those small marginal expense increases.

[Mythe_Seraph]

Y’all went to college and don’t know about the Big Mac index?

[NynJa]

Did you expect someone from Florida and Wisconsin to be smart?

[Zealot]

Personally I think minimum wage should either be a state issue, or the feds should create a weighted system that measures average COL and adjusts minimum wage accordingly. I don't think $15/hr solves anything long term.

[Delayed]

What benefit has come from raising fed min wage from 5.15 to 7.25? There is no benefit to raising the minimum wage, outside of increasing costs of everything else after the fact.
Minimum wage is not meant to raise your family off of, nor is it the golden standard to try to live by. I don't understand the argument in favor of raising the min wage when we've all grown up in the lifetime that saw in the workforce the last one happen.

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[Salodin]

You guys will be fine if we paid our workers $15/hr.

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