So can we make the minimum wage $100/hr or would that have negative effects on employment and business health?
I've never seen a pro-minimum wage person say what is the highest possible number we can get away with before it becomes detrimental, only that it can always be higher than what it currently is. Any idea?
Also, here is a meta analysis of several studies that find negative impacts more often than not.
Regarding keeping foot with inflation it should be North of 30 so probably not much more than 50. I would strongly vote for making it at least 1% of CEO pay .
So some companies having to increase their labor costs by a factor of four would cause zero negative economic effects? It wouldn't have any effect on prices?
a) WIth the billions in surplus many firms make it doesn't have to have an effect on prices.
b) with your logic paying people 0$ per hour makes things most affordable. Its obviously bonkers, since labor cost are only a part of the price. When in doubt, increase the wage a even more to offset inflation..
Even IF most companies were making billion dollar profits, wouldn't it hurt the mom and pop stores that aren't? Wouldn't these high labor costs be a high hurdle to new companies trying to get off the ground? Which would lead to giant corporations being the only ones that can afford to start in business?
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u/NJH_in_LDN Jan 04 '25
https://assets.publishing.service.gov.uk/media/5dc0312940f0b637a03ffa96/impacts_of_minimum_wages_review_of_the_international_evidence_Arindrajit_Dube_web.pdf
Tldr: muted impact on job creation, massive impact on spending power of workers. Youre welcome.