• ObjectivityIncarnate@lemmy.world
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    6 months ago

    I see what you’re doing.

    You really don’t. You see what you want to see, and what makes it easier for you to avoid the objectively obvious consequences of your policy suggestions.

    Your assumption that reasonably higher wages would lead to unemployment simply has no basis in reality.

    L M A O

    I don’t know if I could strawman a shinier beacon of economic ignorance than you just volunteered.

    Quote https://www.investopedia.com/articles/investing/080515/minimum-wages-can-raise-unemployment.asp :

    However, according to leading economists—including famed billionaire investor Warren Buffett—minimum wages can actually raise unemployment by giving employers less incentive to hire and more incentive to automate and outsource tasks that low-wage employees previously performed.

    Higher mandated minimum wages also force businesses to raise prices to maintain desired profit margins. Higher prices can lead to less business, which means less revenue and, therefore, less money to hire and pay employees. When forced to pay workers more per hour, companies have to hire fewer workers or assign the same number of workers fewer hours to keep from going over their predetermined wage expense limits. Many companies do just that or, when possible, they ship jobs overseas, where the per-hour expense of an employee is significantly lower.

    Automation is another alternative that many companies turn to to avoid higher wage expenses. This is particularly true in large cities like Los Angeles and Seattle. Rather than giving their order to a live employee at the counter, fast-food customers input what they want into a computer, which also accepts payment and even deposits the paper sack full of food when it comes out of the kitchen.

    Oh look, leading economists saying the exact same things I am. But no, this all must be an ‘assumption with no basis in reality’.

    If only you were as knowledgeable as you are condescending.

    • Saledovil@sh.itjust.works
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      6 months ago

      I wrote that a reasonable increase in minimum wage won’t lead to increased unemployment, as we can see in pretty much any country with strong unions.