I really appreciate how WSJ is pretty much the only news source I find that doesn't blatantly try to twist in their own narrative. Giving an equal floor to two economists of differing opinions and mentioning problems with both sides. 10/10 WSJ.
I happen to agree with you in this particular case. But presenting 'both sides' of an argument doesn't always mean you're giving an objective analysis. Should a flat earther and an astronomer's viewpoints be considered equally? That would be 'fair and balanced' right? In this case with minimum wage it works but we shouldn't fetishize the need to have any two opposing viewpoints in order to consider an analysis fair
@@adboss10 You’re can’t compare the flat earth argument with the UBI argument. There are literally photographic evidence of the shape of the earth. Those who do not believe it are literally clueless. As for the UBI argument, every country is different. Even if you have an evidence of UBI implementation in other countries, each country has different political climate, education level, economic factors, etc which reduce the significance of such evidence.
@@adboss10 Ah, I wasn't very specific. Yes you're totally right. I sorta just meant the way in which they presented it. Often times when opposing viewpoints are presented, it's as, "Yeah here's a different view but let's not forget why the original view is 100% correct and infallible" and it didn't really seem like they did that here. But yes, not all views should be given credence.
@@firstofrado8689 The fact that the shape of the earth is easily visible as a clear refutable fact just goes to show how ridiculous the opposite argument is, the issue with UBI is that analyzing messy data is not so easy for a layman to understand. The base of economic research is parsing out clear causal effects by removing confounding factors like the ones you mentioned like political climate, education level etc. When you understand how the data is analyzed (and I happen to be educated in developmental economics) it is clear that the arguments against UBI are usually unfounded and not supported by the evidence, so the opponents literally do sound like flat earthers relying on fear mongering and unfound claims except that there is an illusion of respectability because it is difficult for a layman to differentiate between them. Please try to find some respectable peer-reviewed research that says UBI is bad, and you will find nothing (think-tank reports are not included in this).
@@firstofrado8689 literally the conservative dude in the video says poverty is caused by a lack of jobs when the US has had historic lows in unemployment (before the pandemic) and yet full-employed people are living in poverty. No, it is not just any jobs that reduce poverty, it is good well-paying jobs
Amazon and other big techs are already paying 15 and automating lots of robots. They must be super happy raising to 15$, because it will just drive out all of their competitors (small businesses) .
Consolidation is a far more threatening problem for eliminating competition than raising. All that shows is that big corporations can pay $15 and still record profits.
That definitely is a possibility, but from what I have heard about amazon is that people are attracted to it for its $15 per hour. If the minimum wage were to be raised to $15. I can see people leaving Amazon for workplaces with better working condition and work loads. So in my opinion I think amazon would be forced to also raise their wages in order to retain their workforce.
@@gerardoramirez-perez1745 no, they are going to advance their automation and robotics to reduce work force. They are now testing drone delivery, this will kill delivery jobs. Also they are in process to automate packing section also. All amazon warehouse are automated with robots. This was traditionally done manually. And they can easily pay more than min wages to their workers so it will not affect them if wages are increased to 20 or 25. Now think the same about a car washing company where people manually clean car. This is the reason why Amazon support min wages. And Washington Post is mouthpiece of amazon.
It's not about a minimum wage.... healthcare, education and etc needs to be fixed. You can raise it to $20/hr and still not be able to afford college if they keep adding a few thousand every yr to the tuition.
@@marconapolitano2821 Yep, unfortunately based on the majority of the endless comments I see on videos like this that seems super unlikely. It appears they are no longer teaching the law of supply and demand.
@@boat6868 Law of supply and demand only enables the market to function whereby marginal personal cost = marginal personal benefit. Government intervention is necessary for society to function at marginal social cost = marginal social benefit due to the existence of merit goods. Just because the US government sucks, resulting in government failure doesn't mean that government intervention is not required, Mr smartypants.
The problem I'm having is that I NEVER hear anything about the increased wage equaling increased buying power. It's always about job loss due to labor costs, never increased revenue due to increased buying power.
That argument doesn't make sense because the increased labor costs will dwarf the revenue bump because people will spend their higher wages at different goods and services.
@@AlugerGaming And if min wage doesn’t increase then extremely wealthy corporations like Walmart and McDonalds would continue to receive subsidies for paying there workers so little.
@@npc2480 www.google.com/amp/s/www.msnbc.com/msnbc/amp/msna307306 The $7.8 billion includes an estimated $6.2 billion in public assistance for low-wage Walmart employees, including programs like food stamps, subsidized housing, and Medicaid. It also includes an estimated $70 million per year in "economic development subsidies" from state and legal governments eager to host Walmart in their cities.”
@@zebunker you don't need to become an economist to know how their scams works. You only need logic and a common sense. Their ways on economy is just a SCAM. They scammed those who can't defend their rights.
If 15 dollars pushes automation, they were already on their way. No healthcare, no days off...so leave people in poverty because something that was already happening may happen anyway?
Why must the minimum wage be the same across the country for every single job? Wouldn't it make more sense to set it based on industry, location, and company size? Man, politicians are so useless
It's a good idea, the problem is, is that the people in charge of those industries would set those wages, and they would most certainly set them as low as possible. A federally mandated minimum wage stops them from pay as little as humanly possible for maximum effort.
Yup, sounds like the answer is to get better skills that pay more and have accessibility to the knowledge for free or dirt cheap. That way the personal responsibility falls on you.
Stand in the middle of the road and you will get hit. Have you noticed the kiosks at McDonald’s? They’re preparing for more stupid to come. Research issues and learn that the left is making more and more people dependent upon government so they will own you. There will be two classes, the have and have nots. Good bye middle class, home ownership, and freedom to move into a higher income bracket
I see both sides too. but remember, as prices increase in an open market, they will eventually reach equilibrium that affects quantity demanded or certain goods and services to reflect a higher price. Essential goods and services price will most likely stay at a higher price. While non essential goods will go up and then down again because 2 things. 1- basic supply and demand model and 2 - non essential good suppliers need to stay competitive not only within their respective market, but with the economy as a whole considering people will need to prioritize their now higher prices essential goods vs their non essential desires. I'm really bad at explaining this lol
@@d_dogzgaming8603 that isn't happening if that would be the case then why is the healthcare system is america so expensive event though there is a very very high demand and enough supply. The free market is myth so is laicte faire and capitalism .
When they raised the minimum wage in the late 80's early 90's my employer just cut each persons hours so we did not get ahead like everyone said we would. Unless you had a skill then your hours were not cut cause you were already making more than minimum wage.
Its hard to find a job because businesses will think is your labor really work 15 dollars that is the minimum wage I'm paying you, especially small businesses. It actually ruins value too because if everyone in your workforce's labor is worth like 12 dollars and you're paying all of them 15 dollars each then you're losing a lot of money.
@@Lucky-ow4mk I used to support the minimum wage until my manager laid me off for the job I was trying to get money for college debt, his reason was I'm sorry but I can't pay you this much. It's okay though hopefully you will go through life experiences and grow as an individual.
I got in a discussion about the mandatory family leave that's being pushed and I explained that if every company was required to give this it would make it really hard for young women to get employed. I explained why would a business who is running a tight budget hire a girl who plans on having a bunch of kids when there is a chance they could be bedridden during the whole pregnancy and still getting paid. Everything sounds good in theory but in the real world some things just aren't doable.
"if businesses can't offer a 15 dollar minimum wage they shouldn't even be open"- she clearly has now idea how the economy operates. Inflationary-pressures, incentives to hire, then people complain that businesses drift to digitalisation.... doubling minimum wage is a huge risk
Exactly, I thought the same, she is shooting at her feet as eventualy the gap between automatization and her labor cost will be so close that the technology will just kick her out of the labor market.
Why should people live in poverty though to subsidise a business staying open? This is about matching min wage to inflation which is going up year after year effectively giving these people a pay DECREASE proportionate to cost of living. I’m sure the businesses rent, supplies, machinery, and other costs have risen with inflation and they’ve been okay. Businesses will restructure and if it pushes some people temporarily to unemployment, so be it, they will re-skill and find new work.
I keepnsaying this. If you want a $15 wage. Come to CA. It's $14 right now. I use to rent a small apartment fkr 1500. My sister in NC mortgage is 1100. Now my property tax is 6k. When I lived in NC it was 600. Come here and get pay more. Just got to deal with the higher cost of living also.
There are a lot of other factors that contribute to increased living expenses so I would necessarily say that minimum wage is the cause of high living expenses.
You're correct, but in some fields, being a contract worker is a blessing, like the one I'm in....real estate. I would absolutely never want to work as a 9-6 corporate slave, regardless of their "benefits." But I also realize, this is a high-paying field, and many of them are not, so it's easy to go out and pay for my own benefits. Just stating how I personally feel about the contract thing from my own personal experience/perspective.
Simple math and basic economics. Companies exist to make money for their owners (stock holders). They do not exist to create jobs. You want a good job? Create more value for your company than it costs them to pay you. Artificially inflating a wage beyond the market value for that labor only accelerates inflation. Not only does it help devalue the dollar, you're right back to needing another wage increase in another few years. Vicious cycle that many don't seem to understand.
You need people to be able to afford goods, too big of the wealth gap would mean harder it is for poor workers to catch up and participate in the economy. No economy would want to exclude people because more people means more money. While I don't see myself anywhere close to a socialist, if anything, I'm a die-hard capitalist, I think we can all learn sth from the story "the goose that laid the golden eggs", you have to keep the economy accessible for the poor in order to have money flowing back to the rich. Sustainability is the key.
Companies exist to service society. Profit is the reward for doing it well. You seem to forget that companies don't exist in a vacuum and that we live in a democracy. When corporate leaders have this toxic, myopic view of shareholder maximization, you will find a proportionate response by society. Don't forget the era of trust busting. You want your company to exist and not be regulated out of existence by society? Maybe consider other stakeholders than just your shareholders.
@@justinwang4565 then why do you use non democratic way of setting wages in a democratic society? free market is a form of democracy. You do it everyday. When you choose a product than another, you are doing a democratic way of choosing. The minimum wage should not be decided by Central government because each region has its own CPI and fiscal standard. Moreover, each industry is different than another, margin, ecosystem, market, you name it. If new worker in Mcdonald can get $15 an hour, should a doctoral research scientist earn the same? In fact, $15 is what you get now to do that research job as a junior scientist. You want to quote Nordics? They don't have national minimum wage, they do it based on each industry negotiation of the employees and businesses. so does Switzerland. Do you want to quote Geneva with its highest minimum wage? yeah, their communal income tax rate is 45% not to mention their 7% sales tax and 12% social security. Meanwhile, the neighboring cantons like Zug, don't have such high tax and lower minimum wage, and they are doing it just fine. Minimum wage has its consequences, which is youth unemployment rate. A problem with that will cause structural unemployment rate in the long run. Want an example? 1970s Nordics with its Stagflation, the current Argentina and 1970s US when minimum wage is unofficially pegged with inflation rate.
This isn't true because Europe has higher minimum wages and their lives are better. Many jobs are sticky and cannot be automated. Also, let's say automation happens, the question then becomes how do we distribute wealth to the population since automation took jobs. If everything is automated, people will have time to study, to learn, to socialize, and not be a slave to the Taco Bell job they have to have to feed their family.
@Döner Friedrich A lot of countries in Europe don´t have minimum wage? Some may have agreements instead of state´s law, but even if this minimum wage is set up differently, it still exist. Watever you wanna call it, the bottom line is, there is a limit on how little money you can earn. Saying that they don´t have "mininum wages" is innacurate at best, as if you say that to someone who doesn´t know how the system works, he may think you can pay your employees 1dollar/hour, which is simply not true. You also forgot to mention that the average cost of living in Germany is significantly lower compared to the US (1). And you are right about the Taco Bell comment being naive, however I think the main reason is, that it is naive to think that Taco Bell would pay it´s emloyeed more per hour so they can study etc.. It is more likely that Taco Bell will simply keep the money and lay off the employees, not because someone who works in Taco Bell has no desire to learn anything, and just be a Taco Bell employee for the rest of his life (that is rather generalizing thought on your part). 1: ceoworld.biz/2020/02/03/most-expensive-countries-in-the-world-to-live-in-2020/
@Döner Friedrich Definition of agreement is wildly known. "Some parts of Switzerland" doesn´t seem as "lot of countries" to me, besides that authorities in Switzerland actually can issue standart contracts for underepresented sectors (with low union support). It doesn´t matter how is the effective minimal wage established, if it is in laws or agreements, as long there is some form of insurance that you won´t be paid under some sum. It is simplistic summary on my part, yes, but it works. I mean if this would work in the US as well, there would be no need for minimum wage, same as if it wouldn´t work in Switzerland, there probably would be some law to establish some minimal wage you are ought to be paid (and it really doesn´t matter if on federal level or not). "I think that is much more important than the average cost of living."??? What is more important? You are comparing importance of an economical indicator with the fact that cost of living differs in US? Doesn´t make any sence. Yes, higher price differences in US states matter, that doesn´t really mean that the indicator isn´t valid (btw the "most expensive" US states usually have their own, higher minimum wage). But you are free to provide better indicator adjusted for median US living-cost. Nobody said that Taco Bell should be responsible and pay for someone´s education, maybe read the original comment again. However argument can be made, that if large scale automation happens, resulting in massive unemployment, in worse can scenario you will have to redistribute the wealth somehow (I understand that it is a crazy though for a neoliberal). Saying that it is the responsibility of the government is kind of vain, because government only redistributes the money it gains in taxes (from Taco Bell in this case).
@Döner Friedrich US and german wages are not really comparable as education, healthcare, food is much cheaper in Germany. You also get paid sick leave and more paid holidays. Aside from that the current german minimum wage is 9.50€ which equates to 11,50$, the current us min wage is 7.25$ which equates to ~6€
Up to $15 companies may cut their employees amount like ½/¼, and expect the rest to do multitask to compensate the lost worker maybee? Which can means harder work for employees
Are you taking into account the amount of jobs that aren't available now due to automation? As automation increases, there are fewer people the companies are paying for which means they can pay those fewer people much more. It will essentially force the CEO's to not line their pockets with massive salary increases and instead pay their workers an actual wage.
Companies would have no choice but to cut jobs that are not worth $15/hour. Either the company would have to just get rid of the position, or combined it with another position.
@@jimziemer474 No choice? They could just reduce corporate pay or very slightly increase prices (depending on what they're selling, how big the company is, etc.)
People also seem to forget what 15 dollars means in different parts of the country. 15 dollars in Chicago isn't too much. It helps but isn't like over the top. 15 dollars in a medium sized town in the midwest is a lot though.
That same job will be selling 4.00 cokes. $17.00 -$25.00 burger combos. Now when you go on your lunch break and step in line you’ll ask yourself was it worth it ?
Once price increases due to higher labor costs, the new poverty wage will be $15 and the fight for $25 minimum wage will begin and once price increases (inflation) due to higher labor costs, the fight for $50 minimum wage will begin......
@@Ashley-vr4qf How do you not understand that inflation is your enemy. There is one and only reason for inflation and that is "printing money faster than the growth of real GDP". The government spends and spends and doesn't collect enough taxes to counter it and ends up running on fiscal deficit every year. Where do you think those extra dollars come from? You guessed it...printing money. The more they pump in the newly printed money, the lesser its value and hence inflation. It reduces the value of your savings that you earned all your life and makes you reliant even more on government. Government is the problem...not the society or the industries or the unions. Only people who will benefit from this inflation at the end will be the rich and the politicians.
If I am a employer and my labor expenses just double-am I going to keep my prices the same? Or am I going to decrease my number of employees? Or am I going to raise the prices of my services and/or my products? There doesn't seem to be a win win situation. Somebody is going to lose.
That’s the problem with US. It’s so unpredictable when wages increases and employers cannot adjust to it. They should be talking about adjusting minimum wage on a regular basis instead of slapping companies with a sudden increase in expenses.
In california when the minimum went from 11.25 to 14.25 in the span of what was it like 4 years - the restaurant i worked at eventually cut all over time for employees. I went from making 18$/hr(14hr + tips) in 2012 to making the same hourly rate but without the 20+ of over time i was getting. Split shifts were cut for all waiters except for a few and most Back of house aswell.people essentially had to work more to make the about same or just bearly a little bit more. But then the prices od every thing went up too so how does that help anyone?
@@royharper2003 My opinion is this: Jobs are jobs and should still be respected no matter what. Whether the one doing it is an old man or a college student doesn't matter. They should at least be able to pay rent and buy food. Problem is US also suffers from a massive student debt so it's almost before you are worse off going to college trying to gain said skills. And a lot of people can't get jobs where their skills are useful simply. But I don't know what your point is. You don't want minimum wage to change?
@@ti_bui9481 wages are based on the value of the labor, not how much it costs for someone to live. On that logic; shouldnt somebody with multiple kids be paid more than single people for doing the exact same job?
@@royharper2003 The problem is going to college is still worth it these day to expand your career path because of the rising tuition cost which leads more students in student loan debt? Most people’s will say is not worth it but depend on the college and the career your doing. And if you don’t want to take out loans, the only option is to first work at minimum wage job but the issue is how much wage is too much or too little or should’ve there even be a minimum wage?
6:08 "If a company is not strong enough or has not brung in enough profits to pay their employees a reasonable amount that's above poverty, then I don't think they should be open at all." How can someone draw such an insensitive and selfish conclusion? These companies are created by people, and these people also have families, which they must also provide for. Unfortunately, her perspective is not isolated; it's actually quite prevalent, and that is incredibly sad. What's even worse is that when many individuals say, "Small business," they're actually still equating Walmart, Amazon, and the like as "small business." They fail to overlook the mom/pop with 1-10 employees barely scraping by.
Yeah, idk why they bought her in to speak, she didn't tell anything important and was just like me me me. I really liked how the guy for the minimum wage spoke.They could have bought another poc economist or someone working with the poor instead of her.
@UA-cam Censors exactly, that's why the government HAS to step into the labor market, because small business tyrants see boats as more important costs than paying the people who make all their money a fair wage. its an unbalanced system, of course bosses want to underpay their workers, its part of the game.
@@cule189911 Lets do some math. The average small business earner takes home $70,000-$130,000 per year. If a business owner has 20 full time empmoyees at $10 an hour, their labor cost is $416,000 per year. If you increase the minimum wage to $15, their labor cost is now $624,000. Where do they find the extra $208,000? Remember they only make upwards of $130,000 as take home.
Minimum wage: Costco: $16 Walmart: $11 Average pay: Costco: $24 Walmart: $15 Employees on food stamps (subsidized by you) Costco: Virtually none Walmart: More than any other company Founder net worth: Costco: ~ $1 billion Walmart: over $220 billion; up $30 billion in pandemic Costco and Walmart have the same low prices. So when you hear “raising the minimum wage will result in higher prices or layoffs,” remember that’s not basic business. It’s corporations making a choice: pay more or give shareholders billions more
I don't know where I stand with the minimum wage increase. What I do know is that advocate they interviewed for this is so unconvincing that she literally hurts her own cause
A miniscule wage increase does nothing when housing and rent prices outpace those gains by 1000%. Fix the root problems that put people into poverty (inflation, high housing prices, predatory lending) and dispel this fantasy that increasing wages by a miniscule amount will fix this problem.
I like the argument and counterargument style of the video. Really gives a feel for all sides of the matter and leaves me just a bit more knowledgeable.
if anyone really bothers to pay attention, the rate of inflation (i.e., cost of goods) has gone up much faster than the rate of minimum wage (which hasn't changed since *_2009_* )
The gold standard for cost of goods is the CPI (consumer price index), which has increased 33.2% since 2009. Meanwhile, the new minimum wage would be an increase of 106.9%. So yeah... it is a big difference. That's not to say raising it to $15/hr is wrong, but please don't make stuff up.
Minimum wage needs to be $23 to match inflation. $15 is just the minimum so those workers can survive after working 40 hours. Sad america can't even give them that.
@@Kage-jk4pj Not all jobs should accommodate an independently living person. Sad most people cannot recognize that. Many jobs are for teenagers or those looking for additional work in retirement....or some spending money on the side. If you are an able bodies adult who has been in the workforce and working even semi-competently, you will not be minimum wage.
Because neither party caters to them. Republican's sell them out to the true multimillionaire and above crowd and Democrats raid their funds for trying to be successful.
Why does everyone talk about “how can we pay people more?” Instead of “how can we make people’s skillset more competitive on the market?” I just graduated college and yes, it taught me a lot of skills, but the most critical skills that I have taught myself on the internet and pursuits on my own have made me far more competitive than bartering for a higher wage. Also, we need to teach people how to negotiate a higher wage. Many minimum wage jobs have negotiable pay, but YOU have to negotiate.
@trey darling Increasing minimum wage has been shown (both historically and theoretically) to just create inflation. Labor is a significant cost of all basic goods. Increasing labor costs leads to a direct increase in the cost of living. You make things more affordable by making them cheaper to produce NOT by making them more expensive. You cannot create wealth / grow the economy by printing more money or by increasing bottom wages. Wealth is created by increasing productivity or discovering new resources.
In 2018, South Korea increased its nationwide minimum wage by 17%. The result: low-paying jobs were erased, while those who were employed enjoyed higher pay, increasing the wealth gap. Of course, the United States is not South Korea, but definitely something to consider.
@@julm7744 Scandinavians don't have national minimum wages. It's up to their respective industry and employees to decide. Similar with Switzerland, each canton has their own fiscal and minimum wage laws. Some Canton has similar regulations like Scandinavians. Boom....
I'm tired of these reports dancing around the real issue. Each side argues past the other instead of responding directly. Conservatives can't argue that living on $7.25/hr is sustainable. But progressives can't deny that this incentivizes businesses to adopt automation. Every time the minimum wage rises, funding for automation grows. What should be happening is a discussion about how to create a UBI and retrain workers, not fighting against automation. The Uber vs California issue perfectly encapsulates it. Uber might have to pay its workers & give them benefits, but they're just waiting until self-driving cars are accepted. Then they'll furlough all the workers to avoid these rising costs.
This is the truth here. You can eliminate a ton of social programs and put it all under UBI and put a national focus on infrastructure and technology. The country is stuck arguing dumb cultural stuff while climate changes, jobs disappear, and cost of living sneaks up way faster than any pay raise can account for.
Good point. This is like arguing about the color of the drapes while the house is on fire. There will be jobs lost either way you cut it. Make it $15 and deal with the challenges as they come. But, then focus on more important issues, such as renewable energy, infrastructure, education, etc. BUI is another idea but too controversial at this point, while $15 is around for a while and more acceptable now. Just don't get stuck on the paralysis of analysis.
There should be no minimum wage if you really want people to be employed and not let automation takeover. The living wage is arbitrary and made up. There's no fixed amount as to how much a man needs it.
@@gabbar51ngh ?????Is inflation made up? A wage floor is there to avoid a race to the bottom and a country full of "Be glad you have a job". No one wants to hear they should be happy to have a job when they work full time and still are barely making it. Some will eventually move on, but why does anyone have to be societally doomed to poverty if they work certain jobs? The pandemic alone showed us that some of the most disrespected workers did the most important jobs to actually keep society (not just the economy) running.
I don't deny you can't live on $7.25 an hour, but why is it the employer responsible to make sure you can live off of it? I got a 16 year old nephew that got his first job, why does subway need to make sure he can support a wife and kid? Hopefully he'll gain enough experience he'll be able to support himself when that time comes. To act like there's no place for entry level jobs that 16 year olds still living at home can enter the job market and get experience is idiotic.
@@trustme2001 Agreed. But many investors think that things like WeWork are the next Amazon. They don't know the difference between a company that's temporarily unprofitable because it's playing the long game (as Amazon used to do) and one that has an inherently unprofitable business-model (like WeWork). Such companies are kept alive by eager investors.
It wouldn't be zero. A $15/hour minimum wage would be what the $7.25/hour minimum wage is now. The market would have to correct itself. Minimum wage will always be minimum wage. My personal opinion is that the real issue is shipping so many jobs of shore. Jobs need to be brought back to the United States.
I'm really not for upping the minimum wage (at least not this drastically), but if they do, there should be two minimum wages.....one for major globalist billion dollar corporations, and one for mom and pop shops. Mom and Pop shops cannot absorb these drastic costs without cutting jobs, drastically raising costs, quality of service declining, etc. Also, even with a minimum wage for global billion dollar corporations, that doesn't mean they won't cut costs, just because, even though they can definitely afford it. The government would need to incentivize major corporations to keep these jobs, via tax cuts, or some other monetary way. Ultimately, major global corporations will end up doing as they please. Why? Because money is power and they have a LOT of it. This is what liberals simply do not understand. They are always going to find a way around, and the only ones that end up paying are the people. These corporations will just cut jobs, raise prices, automate, outsource, etc. You want to tax corporations up to the eyeballs and demand they pay workers astronomically higher? Great.....believe me, they will find a way around it, and as I said before, the only people that get hurt are the workers. I believe the Democrats at the top know this, but they seem to be hellbent on battering this economy, dividing and conquering, and expanding their voting base. We need SENSIBLE solutions, not drastic ones like this.
What’s to stop all the best workers going to the big companies? The mom and pops won’t be competitive for quality employees much lower than the big box minimum.
You just convinced me that your country absolutely sucks and that no change is possible. You're seriously cynical! I'd immigrate to another continent if I were you. Seriously. People in Europe are seldom this jaded.
@UA-cam Censors Statements like this are the reason why your country absolutely sucks. Minimum wage jobs are very stressful, degrading towards the worker and don't pay nearly enough for the amount of effort. In a bad economy many overqualified people take up minimum wage jobs. And it's absolutely criminal that the CEO of a fast-food monopoly is swimming in cash when the employees are struggling to make ends meet. In a worker co-op situation everyone in the company would be rich and have great benefits.
@6:06 if a company can't pay $15 min wage than that company shouldn't have open? Oof.... Such an uninformed answer. Small business will suffer and big corporations will take over.
Which is fine by the left. Remember when Frank-Dodd forced many small banks to close thus eliminating competition for the big banks and choice for the Proles? Raising the minimum wage does the same thing. There's no unintended consequences.
If it helps small business why shouldn’t we decrease our minimum wages to $5? If Squeezing employee’s fair pay share is the only thing marking your business afloat then maybe that small business needs to do something else as their business.
@@RobSchellinger “small bank” that literally had no regulation and started preying on customer with loans that made 2008 financial crisis possible which was the only thing making them profitable. Don’t let the door hit you!! 👋
@@nomads7978 only thing marking your business...? Did you finish high school? Is that the reason you are desperately trying to push the $15 min. wage? 😂
@@nomads7978 the point is running a business is freakin hard and after the government FORCED you business to close or open at half capacity why would this help them in any way? “Just do a better job running your business bro lol” is what you said and it’s incredibly ignorant and ignores the issues of half the country.
@@lockeandrand that’s what they want the masses to think so they can continue to exploit the working class. Meanwhile, Executives continue to see increases in pay despite performance.
well thats partially true but if u do look at IQ statistics training only really helps underpaid workers achieve their potential. it doesnt help someone who cant do more complex jobs get more complex jobs. the elephant in the room is what to do with the 20% of the workforce that through no fault of their own are not capable of doing tasks complex enough to justify a reasonable wage. a large part of this discussion doesnt account for the fact that individuals working at very low wage jobs tend to be people who already were failed to be trained, either in school or in other employment ventures. its not a nice subject but it is the reality and these people still deserve to live dignified lives.
Not from the US, but having a minimum wage at $15 an hour like it is here also forces companies to make jobs that are worth that much. I'm sure you've gone to fast food places or grocery stores and there's people just standing around talking. Companies don't care that much when they're paying you $7.25 an hour. Also being more efficient with other things in their business to make it worth it. Workers with low skills are basically fighting there way to the bottom of whatever the minimum wage is so when it's cheap companies don't care about being efficient. Even though I'm nowhere close to minimum wage I think it's fair that a person working 40+ hours should have a livable wage. The minimum wage has been $15 here for over 5 years and before 2020 we had the lowest unemployment since the 70's.
Go to McDonald's then go to Chick fil A or in and out burger. I go to McDonald's and the cashier doesn't know how to run the cash register or count change back. Then go to In and out burger and they're so much better trained, everyone is working together, polite etc. I'm like yea, In an out workers are worth $15 an hour.
@@vinyllpreviews9462 Mcdonalds pays low wages therefore they don't care to train their employees as much as chick-fil-a and in and out does nor are they as picky about who they hire because they pay so little an hour. If the minimum wage was to raise, employers would then make sure the people they are hiring are "worth $15 an hour." aka properly trained and able to count back change. (also Ive never had that issue)
@@giniak3770 I agree, Chick fi A trains their workers better, the investment is noticeable in customer service. Personally, both companies get what they pay for.
@@inigobantok1579 robots aren't cheap and neither is the manufacturing. But minimum wage, regulations and taxes will definitely make Businesses chose automation overtime. US should eliminate minimum wage altogether if they want more employment
Clearly this person has not owned a business, considering how she feels it is so easy to pay employees top dollar as a new business. Please don't run for politics.
and clearly you haven't been working as a minimum wage worker this year (or ever), considering how you feel it is so hard to pay someone a decent wage so that they won't spend their energy worrying but instead contributing to the fullest to a new business. Please live with a minimum wage for once and be in their shoes
Economist here: General equilibrium effects may be important as well here. Meaning that minimum wage will increase the budget of many poor households and by this create larger demand in the country for many goods, by this raising demand for workers and thus lowering unemployment. This should be mentioned in this discussion in my opinion.
The effects that can be mentioned in this discussion are endless. 1. Inflation 2. Lack of investment 3. Increased ethnic minority unemployment (happened in 50s were black youth unemployment was actually lower than white - just youtube ‘Thomas Sowell minimum wage’) 4. Loss of jobs that are not skilled enough to be paid $15 5. Inconsideration for variance of median incomes between states 6. Increasing wage share may result in a shift to capital intensive production And so on Please try to look at the empirical evidence rather than just support optimistic theories. No need to be an economist to know such consequences.
Look up the minimum wage of the five states with the highest homelessness rates, then look up the minimum wage of the five states with the lowest homelessness rates.
How is raising minimum wage gonna help the lower class? Everything like a gallon of milk or cheeseburger will increase to compensate. This increase will not raise the lower class out of poverty, but will bring the middle class down. Think about it if minimum wage is $15 then everyday items will go up to make up the difference. If you make $25 then you will be spending on everyday items while people making $15 will still be drawing food stamps while people earning $25 will not. People making$ 7.25 now will not be any better making $15 because everything will go up in price to compensate. This is a communist ploy to destroy the middle class. Raising minimum wage will not bring lower wages out of poverty but it will bring the middle class down into poverty which is what they want. Have a lower class and then have an ultra rich class is the end game. It’s all about control and they want it.
Unemployment alone is a misleading statistic as it doesn't include those who have dropped out of the workforce entirely. Labor force participation is the lowest its been since 1978.
@@whatareyoulookingat908 mmm no it wasnt? www.investopedia.com/terms/p/participationrate.asp it was on a slight upward trend but still way down from 2000
In such a capitalist economy with many sectors so poorly regularized, it is clear that this will happen. The logic would be how they earn more they can pay more.
No it won't. Studies show what you are saying is demonstrably false. Check out Denmark! Their McDonald's workers make $22. If we put it in terms of Big Macsnwhich are $2 more there due to inflation, their workers still get paid 4.5 Big Macs an hour...ours get 1.8 in comparison. Not even two. #TheMathHelps
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This issue has two sides. If minimum wage is increased, it is harder for small businesses to hire more people. If minimum wage is exclusively required for large corporations, then demand will fall for workers of small businesses, which makes things unfair
I believe the proposal includes subsidizing small businesses who cannot afford it. Yes it's tax payer money, but does that cost out weigh food stamps and welfare? I think that's the key
It is a double edge sword because small businesses owners also have to understand that the cost of living is rising in their community. So you either go with increasing wages or your business invests in robots and tech to lessen worker count.
@@micblades1117 There's absolutely no evidence that this might happen. Nor are there any economic models that would predict a steep rise. At least none that I'm aware of...
It’s a shame that people even complain about offering someone decent pay of $15.00. I’ve seen people without the proper experience or degree making 20ish and hour and do nothing all day. It ain’t right and it’s not fair. It took me FOREVER to get to $13.00 an hour and i have a degree. I’m about $19.00 an hour now. Took forever. The only way to move your income up is to get another job/promotion outside of work or quit and work for yourself- this is not what I thought my 30s would look like. I’m leaving my job to work for a small business that is willing to invest in me and me in them. I hope to never return to corporate America where they only are profits over people.
Only difference is smaller companies which are limited with money to pay workers such a high wage will collapse or be forced to lay off staff with the inability to pay them.
@Santiago jr One day prices in China are going to go up as workers enter the middle class and US companies will inevitably find another country to profit off of...already happening to an extent
How do you explain rising costs in every sector year over year? Is that from a non existent wage increase? Companies are always looking for ways to increase revenues and decrease costs. Earned revenue goes back to executive salaries and some r&d. Companies will have to allocate those earned revenues back to the workers.
@@surgec Yeah incremental increases are important for the reason you stated but such a big jump during a Pandemic where some smaller businesses have been and still are struggling to stay afloat will deffinitely not be able to pay their staff.
I don’t know why this is so hard. Make the big businesses like fast food chains, wall-mart Ect. to go to $15 immediately because the can easily afford it and faze it in over the next 3-5 years for all other regional and small businesses
Its only helping big bussiness to erase competition, because small bussines with small percentage of profit cant afford to pay their worker more, dont forget people who already on 15$above will demanding more on their, they will said, how come my salary are equal to someone just flip burger?? I want more...after that literally zero poing of having minimum 10trillion per hour if you dont have job
@@mademade5939 why is your salary equal to someone who flips burger? Because they are the motor of a Multi- Billion follow empire. People who are already making enough money to live a good life aren’t counting the money of anyone else, they are focused on enjoying life.
Automation process is just going to speed up + 3D printing will start penetrating manufacturing more intensively Employers will find ways to reduce cost, one way or another
3D printing is coming for manufacturing jobs, but most skilled machinists make more than $15 anyway. Although overall I'd say manufacturing is on the rise, it just won't be unskilled production line labor, it'll be engineers, technicians and support staff like QC.
A UBI or automation/robot tax will help society transition from the traditional economic model to the future of work where people have more free time to pursue non menial pursuits.
@@matrix2000x2 UBI > Tax, big companies lobby to write the tax code and would wriggle out of any serious cost while smaller business don't have that luxury
They're doing that anyway. If you give them 15 dollars an hour, they'll have the ability to take training or start a small business or something. By paying them 7 dollars an hour they don't have that ability. (Also many of these jobs are retail.... Full Automation in this sector is very unlikely, most shoppers want someone to be able to help them.... Then stocking and cleaning a store is incredibly difficult in automation (as someone who programs automation and has worked as a retail manager))
Raising the minimum wage to such high amount is the beginning of Socialism in America, with high inflation, high prices for food and huge unemployment ...
You will see small businesses across the country go bankrupt within a year, leaving corporate big box stores continuing to operate unfettered as they have since the beginning of last year. These $15 an hour employees will not be working full time, rather they will work part time and due to a loophole they will also collect unemployment while they're living in their mommy's basement. Remember this started 3 years ago in the Pacific Northwest and it had a part in driving many small businesses to close, but politicians didn't care, they did it for the votes.......
How did you arrive to that assumption is astounding to me. Inflation would lead to lesser job security??? hmm.. try saying that again, higher prices would force companies to slash workers??? What data do you have to back this?
6:21 a large majority of small businesses are restaurants, and those have little profit, a company's largest cost is employees, and you are DOUBLING that, literally every single restaurant would close.
i replaced a few with a box of rocks. more gets done now cause im working alone and actually working 8 hours a day and not arguing with whiners 7 hrs and working 1.
I agree that the minimum wage should rise, but gradually. Unfortunately, Congress has not made this happen. Pushing a doubling of minimum wage will only cause shock to small businesses who often employ low wage workers and operate with low profit margin. This is not going to significantly impact businesses that hire well paid, highly skilled workers, and make big money on the fruits of their labor. Stating that a business that cannot afford a higher minimum wage, is unhealthy, and should therefore no longer exist, is equivalent to stating that a person who cannot educate themselves and strive for higher paying work is weak and not fit to live. In more expensive regions, a person making $15/hr, or approximately $30k/year, is also likely in the food assistance programs even now, especially if supporting a family. Food assistance will still exist because someone is always at the bottom. So how am I saving money, Mr. 35cents?
LET EACH STATE DECIDE THEIR OWN MINIMUM WAGE!!! Don't FORCE a one-size-fits-all approach onto all states. Consider the different costs of living. It is easier for a state to change than for the entire country to change. Different people want different minimum wages or none at all, let each state control their own path. Don't force your views onto everyone else.
Can we talk about why this young lady is making minimum wage at 21? What kind of education does she have, what kind of family did she grow up in? Without looking into the details, raising the minimum wage is just slapping a bandaid on a very complex problem. Imagine a doctor prescribing the same medicine for all patients. That’s what raising the minimum wage is.
If you are a middle or upper class you can afford it. If your lower class you will also be able to afford it. I am a middle class person and i se the benefit in the cashiers i meet in the groceries store is happy and have a livable wage if i have to pay 3 dollars more for goods because of the offsetting to customers. Its feels a lot better than paying taxes to the government.
@@bngr_bngr everything wouldn’t magically be twice as expensive. Inflation has gone on meanwhile these workers’ wages flatline so their buying power is reduced. Inflation will happen but not at the percentage that the wages will increase meaning those workers’ buying power will increase regardless.
Minimum wage is meant to be an entry point into the workforce, not a living wage for a family. Even the, it would be 2 people making minimum wage not 1.
No the minimum wage is to prevent exploitation of workers and to set a baseline in which anyone with a minimum wage job should be able to sustain livable conditions
Actually, when minimum wage was first introduced, it was for just that, a living wage for a family. One person working with original minimum wage could support a household of 4, and have money to buy necessities, wants, and have some left over to save.
They’re already poised to do that since they’ve put up electronic touch menus for a few years. Cashiers will be made redundant in a few years anyway; $15 minimum wage would just make it happen sooner.
@WHO WHO WALKWA fact look I order two Mcchicken and a small french fries and I said no mayonnaise and they put it and they give me a large fries so I went back and OMG they look at me like if it was my fault and I waited for 18 minutes.
Instead of artificially raising the minimum wage the focus could be on reducing the cost of HEALTHCARE. That would keep more money in people’s pockets and lower business expenses, boosting the economy. This issue has been untouched for too long. It is time for MAJOR CHANGES in this inefficient sector which is draining people’s budgets.
Sometimes i feel that the south actually won the civil war and slavery in the USA just got rid of some of the extra steps afterwards, allowing to scale up the operation. From this viewpoint, it makes off course a lot of sense that republicans are against raising the minimum wage - it could lead to some of the slave workers escaping poverty ....
@@TheRepublicOfJohn that's what so many of these "economic conservatives" don't get. If you can't pay your employees a living wage, you don't deserve to have employees or a business. No matter how big or small.
@@purplewine7362 So you'd prefer all those people to become unemployed and not get paid at all if they don't get paid more than a certain level am I right?
@@purplewine7362 What is a "living wage"? Living in San Francisco compared to the middle of Wyoming is very different. A person making $100k in San Francisco is struggling while a person living in Wyoming on that same wage is doing very well. A living wage is also very different if you have kids/older parents you need to take care of compared to living as a 20 year old alone.
Thank you! It’s pretty obvious. If you feel underpaid, get a better paying job. Oh they won’t hire you because you don’t have the skill needed to be worth a higher pay number. Well you could go out and learn the skill needed.......or complain like a Democrat. And this is coming from a 26 yr old black dude who doesn’t do identity politics.
I’m a management consultant in a big 4. This is considered to be quite a prestigious and well paid job. Yet, I think anyone could learn the job in about 2 weeks. Only reason I landed that job was because I was lucky enough to get the right elementary, secondary, and undergraduate education which got me that stamp on my CV. I, on the other hand, would never be able to work more than 2 weeks in a minimum wage job. It’s just too emotionally draining. We’ve got to respect essentiel workers. They provide more tangible value to society then we do. If this pandemic has taught us anything, they deserve much greater consideration.
Australia has living wages for a minimum salary, people have more money to spend and business has more customers and businesses. Students can earn enough to survive working casual hour/part-time while studying. How come US politicians doesn't talk about the economic gain from extra businesses due to more income?
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Porsche, you are clearly unpurposed. Why stop at at minimum wage job? I started at McDonalds at ~$5/hr, however that was the BEGINNING of my working career. Now I make ~$150-300/hr. What is the attraction of staying at the bottom? What glory is there in that job? Why not provide more service, value so people will pay you for your value. hint: THERE IS NO CEILING AS TO WHAT YOU CAN MAKE IN THIS WORLD--especially in America!! That is all I need to know. Let the foolish stay at the bottom and fight over crumbs & leftovers. I wanna keep climbing because it gives you purpose, drive, ambition, and intentionality---which is what I though life was supposed to be about.
The fact that this video constantly talks about a $15 minimum wage as if it is some crazy pipe dream that we can only speculate and theorize about, and doesn't once mention any statistics or studies on what has actually happened in the real world in places in the US where $15 minimum wages have already been implemented, is frankly inexcusable laziness at best. It has been done and the results don't always match the simple supply vs demand predictions that most economic theorists were making. The Economist made a far better video on this last month, discussing how the real world effects are more complex, watch that instead.
The economist video was dumb. No conclusions. Fact is that businesses in retail and groceries fail at a 95% clip in their first five years. It’s a horrific market to be in. Stay away. Get some training in markets that actually make a profit. The trades are alway a good idea.
I really appreciate how WSJ is pretty much the only news source I find that doesn't blatantly try to twist in their own narrative. Giving an equal floor to two economists of differing opinions and mentioning problems with both sides. 10/10 WSJ.
I happen to agree with you in this particular case. But presenting 'both sides' of an argument doesn't always mean you're giving an objective analysis. Should a flat earther and an astronomer's viewpoints be considered equally? That would be 'fair and balanced' right? In this case with minimum wage it works but we shouldn't fetishize the need to have any two opposing viewpoints in order to consider an analysis fair
@@adboss10 You’re can’t compare the flat earth argument with the UBI argument. There are literally photographic evidence of the shape of the earth. Those who do not believe it are literally clueless. As for the UBI argument, every country is different. Even if you have an evidence of UBI implementation in other countries, each country has different political climate, education level, economic factors, etc which reduce the significance of such evidence.
@@adboss10 Ah, I wasn't very specific. Yes you're totally right. I sorta just meant the way in which they presented it. Often times when opposing viewpoints are presented, it's as, "Yeah here's a different view but let's not forget why the original view is 100% correct and infallible" and it didn't really seem like they did that here. But yes, not all views should be given credence.
@@firstofrado8689 The fact that the shape of the earth is easily visible as a clear refutable fact just goes to show how ridiculous the opposite argument is, the issue with UBI is that analyzing messy data is not so easy for a layman to understand. The base of economic research is parsing out clear causal effects by removing confounding factors like the ones you mentioned like political climate, education level etc. When you understand how the data is analyzed (and I happen to be educated in developmental economics) it is clear that the arguments against UBI are usually unfounded and not supported by the evidence, so the opponents literally do sound like flat earthers relying on fear mongering and unfound claims except that there is an illusion of respectability because it is difficult for a layman to differentiate between them. Please try to find some respectable peer-reviewed research that says UBI is bad, and you will find nothing (think-tank reports are not included in this).
@@firstofrado8689 literally the conservative dude in the video says poverty is caused by a lack of jobs when the US has had historic lows in unemployment (before the pandemic) and yet full-employed people are living in poverty. No, it is not just any jobs that reduce poverty, it is good well-paying jobs
Amazon and other big techs are already paying 15 and automating lots of robots. They must be super happy raising to 15$, because it will just drive out all of their competitors (small businesses) .
Consolidation is a far more threatening problem for eliminating competition than raising. All that shows is that big corporations can pay $15 and still record profits.
Facts. Sad reality but true. But no one thinks they’ll be affected by the consequences
That definitely is a possibility, but from what I have heard about amazon is that people are attracted to it for its $15 per hour. If the minimum wage were to be raised to $15. I can see people leaving Amazon for workplaces with better working condition and work loads. So in my opinion I think amazon would be forced to also raise their wages in order to retain their workforce.
@@gerardoramirez-perez1745 so true
@@gerardoramirez-perez1745 no, they are going to advance their automation and robotics to reduce work force. They are now testing drone delivery, this will kill delivery jobs. Also they are in process to automate packing section also. All amazon warehouse are automated with robots. This was traditionally done manually. And they can easily pay more than min wages to their workers so it will not affect them if wages are increased to 20 or 25. Now think the same about a car washing company where people manually clean car. This is the reason why Amazon support min wages. And Washington Post is mouthpiece of amazon.
It's not about a minimum wage.... healthcare, education and etc needs to be fixed. You can raise it to $20/hr and still not be able to afford college if they keep adding a few thousand every yr to the tuition.
The solution is simple remove government intervention
@@marconapolitano2821 agreed
60% of the cost are administrative fee.
@@marconapolitano2821 Yep, unfortunately based on the majority of the endless comments I see on videos like this that seems super unlikely. It appears they are no longer teaching the law of supply and demand.
@@boat6868 Law of supply and demand only enables the market to function whereby marginal personal cost = marginal personal benefit.
Government intervention is necessary for society to function at marginal social cost = marginal social benefit due to the existence of merit goods.
Just because the US government sucks, resulting in government failure doesn't mean that government intervention is not required, Mr smartypants.
The problem I'm having is that I NEVER hear anything about the increased wage equaling increased buying power. It's always about job loss due to labor costs, never increased revenue due to increased buying power.
@@h3nry_t122 Goods are already increasing in price.
That argument doesn't make sense because the increased labor costs will dwarf the revenue bump because people will spend their higher wages at different goods and services.
And they never talk about how people who make billions affect the the economy.
@@kenu3884 and they’ll keep increasing as long as money keeps getting g printed
@@h3nry_t122 But minium wage hasn't increase. But prices of essential goods have increased over the years
The answer also lies in reducing health bill costs, education, food and rent, transportation, and the y. Which I forgot what it stands for.
$15 minimum wage will make all of those more expensive
@@AlugerGaming And if min wage doesn’t increase then extremely wealthy corporations like Walmart and McDonalds would continue to receive subsidies for paying there workers so little.
@@dylanf3108 what subsidies?
@@npc2480 www.google.com/amp/s/www.msnbc.com/msnbc/amp/msna307306
The $7.8 billion includes an estimated $6.2 billion in public assistance for low-wage Walmart employees, including programs like food stamps, subsidized housing, and Medicaid. It also includes an estimated $70 million per year in "economic development subsidies" from state and legal governments eager to host Walmart in their cities.”
@@dylanf3108 what do you think would happen when prices of everything increases due to higher wages?
They raised minimum wages here in AZ to $12 an hour... Rents and cost living went up the same %. Taxes took in more money.
@Santiago jr it also kicked thousands of people off food stamps.
Please show links to your credentials as an economist. That's right. You have none. Just a rando.
@@JohnDoe-er3sn that's how they(greedy capitalist tricked works) if you ask for increase, they will surely take it back in other ways.
@@zebunker you don't need to become an economist to know how their scams works.
You only need logic and a common sense.
Their ways on economy is just a SCAM. They scammed those who can't defend their rights.
They didn't raise minimum wage here in Texas and the price of everything has skyrocketed.
What isn’t being taken into account: automation. How much motivation is enough for a company to start automating?
True, especially for big corp vs small business
I assure you that was and is happening regardless. 15 or no 15, jobs will be automated away
If 15 dollars pushes automation, they were already on their way. No healthcare, no days off...so leave people in poverty because something that was already happening may happen anyway?
America already lost 60 million jobs to automation (according to forbes). Its happening regardless.
@@balthorpayne more people will go in poverty because no one would employ new comers.
Why must the minimum wage be the same across the country for every single job? Wouldn't it make more sense to set it based on industry, location, and company size? Man, politicians are so useless
Makes too much sense. Dems don't understand.
It's a good idea, the problem is, is that the people in charge of those industries would set those wages, and they would most certainly set them as low as possible.
A federally mandated minimum wage stops them from pay as little as humanly possible for maximum effort.
Nah 15 makes sense cause if some gave lower then how can the worker pay rent, food, bills, etc then?
@@sleepingboiz8155 depends where u live
Because human needs are the same across the country for every single job.
It's not just minimum wage. There's rising health cost and education cost and people's inability to live below their means.
This is how socialism starts .. slowly ..with the death of small businesses
And rent at the most basic level. 300 sq ft studio for $1200/mo? Yeah, that's affordable.
Yup, sounds like the answer is to get better skills that pay more and have accessibility to the knowledge for free or dirt cheap.
That way the personal responsibility falls on you.
@Zakaria93 Aghzaf64 This is sarcastic, right?
America has the highest healthcare cost among western countries and a crumbling public school system so idk what your point is
Im on both sides, but we have to keep in mind that prices will go up regardless of minimum wages
Stand in the middle of the road and you will get hit. Have you noticed the kiosks at McDonald’s? They’re preparing for more stupid to come. Research issues and learn that the left is making more and more people dependent upon government so they will own you. There will be two classes, the have and have nots. Good bye middle class, home ownership, and freedom to move into a higher income bracket
Did you know if minimum wage kept up with inflation, it’d be 24 dollars today? Minimum wage workers are paid poverty wages.
I see both sides too. but remember, as prices increase in an open market, they will eventually reach equilibrium that affects quantity demanded or certain goods and services to reflect a higher price. Essential goods and services price will most likely stay at a higher price. While non essential goods will go up and then down again because 2 things. 1- basic supply and demand model and 2 - non essential good suppliers need to stay competitive not only within their respective market, but with the economy as a whole considering people will need to prioritize their now higher prices essential goods vs their non essential desires. I'm really bad at explaining this lol
@@d_dogzgaming8603 that isn't happening if that would be the case then why is the healthcare system is america so expensive event though there is a very very high demand and enough supply. The free market is myth so is laicte faire and capitalism .
When they raised the minimum wage in the late 80's early 90's my employer just cut each persons hours so we did not get ahead like everyone said we would. Unless you had a skill then your hours were not cut cause you were already making more than minimum wage.
Its hard to find a job because businesses will think is your labor really work 15 dollars that is the minimum wage I'm paying you, especially small businesses. It actually ruins value too because if everyone in your workforce's labor is worth like 12 dollars and you're paying all of them 15 dollars each then you're losing a lot of money.
@@russellkim8895 well minimum wage should at least account for inflation
@@Lucky-ow4mk yeah it honestly should but there should be no minimum wage
@@Lucky-ow4mk I used to support the minimum wage until my manager laid me off for the job I was trying to get money for college debt, his reason was I'm sorry but I can't pay you this much. It's okay though hopefully you will go through life experiences and grow as an individual.
I got in a discussion about the mandatory family leave that's being pushed and I explained that if every company was required to give this it would make it really hard for young women to get employed. I explained why would a business who is running a tight budget hire a girl who plans on having a bunch of kids when there is a chance they could be bedridden during the whole pregnancy and still getting paid. Everything sounds good in theory but in the real world some things just aren't doable.
"if businesses can't offer a 15 dollar minimum wage they shouldn't even be open"- she clearly has now idea how the economy operates. Inflationary-pressures, incentives to hire, then people complain that businesses drift to digitalisation.... doubling minimum wage is a huge risk
Exactly, I thought the same, she is shooting at her feet as eventualy the gap between automatization and her labor cost will be so close that the technology will just kick her out of the labor market.
Totally agree, that was an outrageous statement.
In short, she prefer to either having a 15-dollar minimum wage or having no job at all. She does not want to take anything in between.
With that thinking, that's why she's at minimum wage. Lol
Why should people live in poverty though to subsidise a business staying open? This is about matching min wage to inflation which is going up year after year effectively giving these people a pay DECREASE proportionate to cost of living. I’m sure the businesses rent, supplies, machinery, and other costs have risen with inflation and they’ve been okay. Businesses will restructure and if it pushes some people temporarily to unemployment, so be it, they will re-skill and find new work.
very fair video, appreciate that they made sure to explore the multiple impacts of the proposal, rather than trying to just label good/bad.
I keepnsaying this.
If you want a $15 wage. Come to CA. It's $14 right now.
I use to rent a small apartment fkr 1500. My sister in NC mortgage is 1100.
Now my property tax is 6k. When I lived in NC it was 600.
Come here and get pay more. Just got to deal with the higher cost of living also.
😎👍
Exactly, this is why minimum wage should be regional
There are a lot of other factors that contribute to increased living expenses so I would necessarily say that minimum wage is the cause of high living expenses.
@@liamharrington1169 exactly. You increase minimum wage and all it will do is increase all other expenses. Then we will be back to square one.
I really don't think rent prices (just one example of expense) are mostly driven or proportionally linked to minimum wage levels..
What will happen is, companies will turn workers into contractors who become perma temps ( permanent temps) with limited benefits
You're correct, but in some fields, being a contract worker is a blessing, like the one I'm in....real estate. I would absolutely never want to work as a 9-6 corporate slave, regardless of their "benefits." But I also realize, this is a high-paying field, and many of them are not, so it's easy to go out and pay for my own benefits. Just stating how I personally feel about the contract thing from my own personal experience/perspective.
That's what going on in Washington state where we have raised the minimum wage to a living wage.
Not if the government did something unheard of, and, umm, how do I put it, protected workers from being exploited.......
Already happening, it's hurting more than helping long term
Wonder what, that too can be legislated
Simple math and basic economics. Companies exist to make money for their owners (stock holders). They do not exist to create jobs. You want a good job? Create more value for your company than it costs them to pay you. Artificially inflating a wage beyond the market value for that labor only accelerates inflation. Not only does it help devalue the dollar, you're right back to needing another wage increase in another few years. Vicious cycle that many don't seem to understand.
yep, artificially raising the minimum wage won't solve inflation problem. Just like Argentina.
You need people to be able to afford goods, too big of the wealth gap would mean harder it is for poor workers to catch up and participate in the economy. No economy would want to exclude people because more people means more money. While I don't see myself anywhere close to a socialist, if anything, I'm a die-hard capitalist, I think we can all learn sth from the story "the goose that laid the golden eggs", you have to keep the economy accessible for the poor in order to have money flowing back to the rich. Sustainability is the key.
Companies exist to service society. Profit is the reward for doing it well. You seem to forget that companies don't exist in a vacuum and that we live in a democracy. When corporate leaders have this toxic, myopic view of shareholder maximization, you will find a proportionate response by society. Don't forget the era of trust busting. You want your company to exist and not be regulated out of existence by society? Maybe consider other stakeholders than just your shareholders.
@@justinwang4565 then why do you use non democratic way of setting wages in a democratic society?
free market is a form of democracy. You do it everyday. When you choose a product than another, you are doing a democratic way of choosing. The minimum wage should not be decided by Central government because each region has its own CPI and fiscal standard. Moreover, each industry is different than another, margin, ecosystem, market, you name it. If new worker in Mcdonald can get $15 an hour, should a doctoral research scientist earn the same? In fact, $15 is what you get now to do that research job as a junior scientist.
You want to quote Nordics? They don't have national minimum wage, they do it based on each industry negotiation of the employees and businesses. so does Switzerland.
Do you want to quote Geneva with its highest minimum wage? yeah, their communal income tax rate is 45% not to mention their 7% sales tax and 12% social security. Meanwhile, the neighboring cantons like Zug, don't have such high tax and lower minimum wage, and they are doing it just fine.
Minimum wage has its consequences, which is youth unemployment rate. A problem with that will cause structural unemployment rate in the long run. Want an example? 1970s Nordics with its Stagflation, the current Argentina and 1970s US when minimum wage is unofficially pegged with inflation rate.
If no one can afford to buy anything, then capitalism dies.
This is why most USA companies are hiring more in developing countries.
This isn't true because Europe has higher minimum wages and their lives are better. Many jobs are sticky and cannot be automated. Also, let's say automation happens, the question then becomes how do we distribute wealth to the population since automation took jobs. If everything is automated, people will have time to study, to learn, to socialize, and not be a slave to the Taco Bell job they have to have to feed their family.
Automation will reduce costs for consumers drastically which helps elevates poor people's standard of living.
@Döner Friedrich A lot of countries in Europe don´t have minimum wage? Some may have agreements instead of state´s law, but even if this minimum wage is set up differently, it still exist. Watever you wanna call it, the bottom line is, there is a limit on how little money you can earn. Saying that they don´t have "mininum wages" is innacurate at best, as if you say that to someone who doesn´t know how the system works, he may think you can pay your employees 1dollar/hour, which is simply not true. You also forgot to mention that the average cost of living in Germany is significantly lower compared to the US (1). And you are right about the Taco Bell comment being naive, however I think the main reason is, that it is naive to think that Taco Bell would pay it´s emloyeed more per hour so they can study etc.. It is more likely that Taco Bell will simply keep the money and lay off the employees, not because someone who works in Taco Bell has no desire to learn anything, and just be a Taco Bell employee for the rest of his life (that is rather generalizing thought on your part).
1: ceoworld.biz/2020/02/03/most-expensive-countries-in-the-world-to-live-in-2020/
@Döner Friedrich Definition of agreement is wildly known. "Some parts of Switzerland" doesn´t seem as "lot of countries" to me, besides that authorities in Switzerland actually can issue standart contracts for underepresented sectors (with low union support). It doesn´t matter how is the effective minimal wage established, if it is in laws or agreements, as long there is some form of insurance that you won´t be paid under some sum. It is simplistic summary on my part, yes, but it works. I mean if this would work in the US as well, there would be no need for minimum wage, same as if it wouldn´t work in Switzerland, there probably would be some law to establish some minimal wage you are ought to be paid (and it really doesn´t matter if on federal level or not). "I think that is much more important than the average cost of living."??? What is more important? You are comparing importance of an economical indicator with the fact that cost of living differs in US? Doesn´t make any sence. Yes, higher price differences in US states matter, that doesn´t really mean that the indicator isn´t valid (btw the "most expensive" US states usually have their own, higher minimum wage). But you are free to provide better indicator adjusted for median US living-cost. Nobody said that Taco Bell should be responsible and pay for someone´s education, maybe read the original comment again. However argument can be made, that if large scale automation happens, resulting in massive unemployment, in worse can scenario you will have to redistribute the wealth somehow (I understand that it is a crazy though for a neoliberal). Saying that it is the responsibility of the government is kind of vain, because government only redistributes the money it gains in taxes (from Taco Bell in this case).
@Döner Friedrich US and german wages are not really comparable as education, healthcare, food is much cheaper in Germany. You also get paid sick leave and more paid holidays. Aside from that the current german minimum wage is 9.50€ which equates to 11,50$, the current us min wage is 7.25$ which equates to ~6€
“I can’t even put a roof over my head”.
….
Bruh
might not be her house
@@gloriaakol7155 she means she has difficulty paying rent not that it's someone else's house
you must have a 2D brain
Up to $15 companies may cut their employees amount like ½/¼, and expect the rest to do multitask to compensate the lost worker maybee? Which can means harder work for employees
Also the remaining workers will most likely be on salary so no overtime pay
Are you taking into account the amount of jobs that aren't available now due to automation? As automation increases, there are fewer people the companies are paying for which means they can pay those fewer people much more. It will essentially force the CEO's to not line their pockets with massive salary increases and instead pay their workers an actual wage.
Companies would have no choice but to cut jobs that are not worth $15/hour. Either the company would have to just get rid of the position, or combined it with another position.
@@sry9681 you make it sound as if automation is free.
@@jimziemer474 No choice? They could just reduce corporate pay or very slightly increase prices (depending on what they're selling, how big the company is, etc.)
People also seem to forget what 15 dollars means in different parts of the country. 15 dollars in Chicago isn't too much. It helps but isn't like over the top. 15 dollars in a medium sized town in the midwest is a lot though.
Get ready for jacked rent
That same job will be selling 4.00 cokes. $17.00 -$25.00 burger combos. Now when you go on your lunch break and step in line you’ll ask yourself was it worth it ?
This is an interesting idea that I haven't heard much talk about.
@@harambeuzamaki2985
Dude stop. A $15 minimum wage won't do that.
@@hi-nw7qy what’s your argument that it won’t?
Once price increases due to higher labor costs, the new poverty wage will be $15 and the fight for $25 minimum wage will begin and once price increases (inflation) due to higher labor costs, the fight for $50 minimum wage will begin......
It has to increase with inflation anyway... So it makes sense.
@@Ashley-vr4qf How do you not understand that inflation is your enemy. There is one and only reason for inflation and that is "printing money faster than the growth of real GDP".
The government spends and spends and doesn't collect enough taxes to counter it and ends up running on fiscal deficit every year. Where do you think those extra dollars come from? You guessed it...printing money. The more they pump in the newly printed money, the lesser its value and hence inflation. It reduces the value of your savings that you earned all your life and makes you reliant even more on government. Government is the problem...not the society or the industries or the unions. Only people who will benefit from this inflation at the end will be the rich and the politicians.
Wrong... usa is not Zimbabwe
🤔 is as if productivity and inflation keeps going higher.. let me know what trend you see in the SP500
That’s not how inflation works, y’all need to take a economic class
If I am a employer and my labor expenses just double-am I going to keep my prices the same? Or am I going to decrease my number of employees? Or am I going to raise the prices of my services and/or my products? There doesn't seem to be a win win situation. Somebody is going to lose.
That’s the problem with US. It’s so unpredictable when wages increases and employers cannot adjust to it. They should be talking about adjusting minimum wage on a regular basis instead of slapping companies with a sudden increase in expenses.
In california when the minimum went from 11.25 to 14.25 in the span of what was it like 4 years - the restaurant i worked at eventually cut all over time for employees. I went from making 18$/hr(14hr + tips) in 2012 to making the same hourly rate but without the 20+ of over time i was getting. Split shifts were cut for all waiters except for a few and most Back of house aswell.people essentially had to work more to make the about same or just bearly a little bit more. But then the prices od every thing went up too so how does that help anyone?
@@royharper2003 My opinion is this: Jobs are jobs and should still be respected no matter what. Whether the one doing it is an old man or a college student doesn't matter. They should at least be able to pay rent and buy food.
Problem is US also suffers from a massive student debt so it's almost before you are worse off going to college trying to gain said skills. And a lot of people can't get jobs where their skills are useful simply.
But I don't know what your point is. You don't want minimum wage to change?
@@ti_bui9481 wages are based on the value of the labor, not how much it costs for someone to live. On that logic; shouldnt somebody with multiple kids be paid more than single people for doing the exact same job?
@@royharper2003 The problem is going to college is still worth it these day to expand your career path because of the rising tuition cost which leads more students in student loan debt? Most people’s will say is not worth it but depend on the college and the career your doing. And if you don’t want to take out loans, the only option is to first work at minimum wage job but the issue is how much wage is too much or too little or should’ve there even be a minimum wage?
6:08 "If a company is not strong enough or has not brung in enough profits to pay their employees a reasonable amount that's above poverty, then I don't think they should be open at all."
How can someone draw such an insensitive and selfish conclusion? These companies are created by people, and these people also have families, which they must also provide for.
Unfortunately, her perspective is not isolated; it's actually quite prevalent, and that is incredibly sad.
What's even worse is that when many individuals say, "Small business," they're actually still equating Walmart, Amazon, and the like as "small business." They fail to overlook the mom/pop with 1-10 employees barely scraping by.
Yeah, idk why they bought her in to speak, she didn't tell anything important and was just like me me me. I really liked how the guy for the minimum wage spoke.They could have bought another poc economist or someone working with the poor instead of her.
How about just stop OVERpaying politicians just for talking smack all day.
Now I think this something all of us can agree on!
Entry pay for my company is $15, but forcing all companies would 100% lead to job cuts.
it would actually give every single worker a raise as well, but the human drive for self sabotage is strong and easy to manipulate, eg. you
@UA-cam Censors thats a bet im willing to take. just because youre not a good business man, doesn't mean we should make the same mistakes
@UA-cam Censors same number as you
@UA-cam Censors exactly, that's why the government HAS to step into the labor market, because small business tyrants see boats as more important costs than paying the people who make all their money a fair wage. its an unbalanced system, of course bosses want to underpay their workers, its part of the game.
@@cule189911 Lets do some math. The average small business earner takes home $70,000-$130,000 per year. If a business owner has 20 full time empmoyees at $10 an hour, their labor cost is $416,000 per year. If you increase the minimum wage to $15, their labor cost is now $624,000. Where do they find the extra $208,000? Remember they only make upwards of $130,000 as take home.
Minimum wage:
Costco: $16
Walmart: $11
Average pay:
Costco: $24
Walmart: $15
Employees on food stamps (subsidized by you)
Costco: Virtually none
Walmart: More than any other company
Founder net worth:
Costco: ~ $1 billion
Walmart: over $220 billion; up $30 billion in pandemic
Costco and Walmart have the same low prices. So when you hear “raising the minimum wage will result in higher prices or layoffs,” remember that’s not basic business. It’s corporations making a choice: pay more or give shareholders billions more
@Shri Shiva Dhasen you're saying as if Amazon doesn't have monopolies in many spheres and doesn't make money from memberships.
This video really makes a poor job on explaining on how a 15$ min wage would affect the economy
And what happens when they replace the workforce with automation ???
I don't know where I stand with the minimum wage increase. What I do know is that advocate they interviewed for this is so unconvincing that she literally hurts her own cause
A miniscule wage increase does nothing when housing and rent prices outpace those gains by 1000%. Fix the root problems that put people into poverty (inflation, high housing prices, predatory lending) and dispel this fantasy that increasing wages by a miniscule amount will fix this problem.
I like the argument and counterargument style of the video. Really gives a feel for all sides of the matter and leaves me just a bit more knowledgeable.
if anyone really bothers to pay attention, the rate of inflation (i.e., cost of goods) has gone up much faster than the rate of minimum wage (which hasn't changed since *_2009_* )
The gold standard for cost of goods is the CPI (consumer price index), which has increased 33.2% since 2009. Meanwhile, the new minimum wage would be an increase of 106.9%. So yeah... it is a big difference. That's not to say raising it to $15/hr is wrong, but please don't make stuff up.
Minimum wage needs to be $23 to match inflation. $15 is just the minimum so those workers can survive after working 40 hours. Sad america can't even give them that.
@@Kage-jk4pj
Not all jobs should accommodate an independently living person. Sad most people cannot recognize that. Many jobs are for teenagers or those looking for additional work in retirement....or some spending money on the side. If you are an able bodies adult who has been in the workforce and working even semi-competently, you will not be minimum wage.
That does not mean people who were paid continue to work in minimum wage. Remember only 2.3% of the US workers work at minimum wage currently
It baffles me that small business owners are just crapped on all the time and NO ONE seems to care.
just a lie politicians use to get into office
Because neither party caters to them. Republican's sell them out to the true multimillionaire and above crowd and Democrats raid their funds for trying to be successful.
Amazon: pushing for higher minimum wage
Also Amazon: first no checkout supermarket...
@Po Pimpin Rem yeah but it’s probably a bigger goal and why they’re pushing for a higher minimum wage
@Po Pimpin Rem are you okay man?
@Po Pimpin Rem 781?
Why does everyone talk about “how can we pay people more?” Instead of “how can we make people’s skillset more competitive on the market?” I just graduated college and yes, it taught me a lot of skills, but the most critical skills that I have taught myself on the internet and pursuits on my own have made me far more competitive than bartering for a higher wage. Also, we need to teach people how to negotiate a higher wage. Many minimum wage jobs have negotiable pay, but YOU have to negotiate.
@trey darling Increasing minimum wage has been shown (both historically and theoretically) to just create inflation. Labor is a significant cost of all basic goods. Increasing labor costs leads to a direct increase in the cost of living. You make things more affordable by making them cheaper to produce NOT by making them more expensive. You cannot create wealth / grow the economy by printing more money or by increasing bottom wages. Wealth is created by increasing productivity or discovering new resources.
@trey darling Definitely a Chinese bot lol.
In 2018, South Korea increased its nationwide minimum wage by 17%. The result: low-paying jobs were erased, while those who were employed enjoyed higher pay, increasing the wealth gap. Of course, the United States is not South Korea, but definitely something to consider.
South Koreans are also more educated than the average American. Almost all of South Koreans went to college or took a tertiary education.
So ur saying we need low paying Jobs so the system can fuction?
@@firstofrado8689 Yes this is why South Korea's thriving at the time of this COVID crisis.
@@julm7744 actually, minimum wage will affect the higher youth unemployment rate than erasing low paying jobs. it's the same phenomenon everywhere.
@@julm7744 Scandinavians don't have national minimum wages. It's up to their respective industry and employees to decide.
Similar with Switzerland, each canton has their own fiscal and minimum wage laws. Some Canton has similar regulations like Scandinavians.
Boom....
I'm tired of these reports dancing around the real issue. Each side argues past the other instead of responding directly. Conservatives can't argue that living on $7.25/hr is sustainable. But progressives can't deny that this incentivizes businesses to adopt automation. Every time the minimum wage rises, funding for automation grows. What should be happening is a discussion about how to create a UBI and retrain workers, not fighting against automation. The Uber vs California issue perfectly encapsulates it. Uber might have to pay its workers & give them benefits, but they're just waiting until self-driving cars are accepted. Then they'll furlough all the workers to avoid these rising costs.
This is the truth here. You can eliminate a ton of social programs and put it all under UBI and put a national focus on infrastructure and technology. The country is stuck arguing dumb cultural stuff while climate changes, jobs disappear, and cost of living sneaks up way faster than any pay raise can account for.
Good point. This is like arguing about the color of the drapes while the house is on fire. There will be jobs lost either way you cut it. Make it $15 and deal with the challenges as they come. But, then focus on more important issues, such as renewable energy, infrastructure, education, etc. BUI is another idea but too controversial at this point, while $15 is around for a while and more acceptable now. Just don't get stuck on the paralysis of analysis.
There should be no minimum wage if you really want people to be employed and not let automation takeover.
The living wage is arbitrary and made up. There's no fixed amount as to how much a man needs it.
@@gabbar51ngh ?????Is inflation made up? A wage floor is there to avoid a race to the bottom and a country full of "Be glad you have a job". No one wants to hear they should be happy to have a job when they work full time and still are barely making it. Some will eventually move on, but why does anyone have to be societally doomed to poverty if they work certain jobs? The pandemic alone showed us that some of the most disrespected workers did the most important jobs to actually keep society (not just the economy) running.
I don't deny you can't live on $7.25 an hour, but why is it the employer responsible to make sure you can live off of it? I got a 16 year old nephew that got his first job, why does subway need to make sure he can support a wife and kid? Hopefully he'll gain enough experience he'll be able to support himself when that time comes. To act like there's no place for entry level jobs that 16 year olds still living at home can enter the job market and get experience is idiotic.
Higher wages doesn’t necessarily mean you’ll keep that job. Profits still need to be made for companies
Not unless your Tesla I think they barely made a profit last year. People need start looking into corporate welfare.
@@trustme2001 3/4ths of all companies on the stock exchange don't make a profit. Uber has never turned an annual profit in its history.
@@jeffbenton6183 @ a company that cant turn around a profit, that's a company that should not be around.
@@trustme2001 Agreed. But many investors think that things like WeWork are the next Amazon. They don't know the difference between a company that's temporarily unprofitable because it's playing the long game (as Amazon used to do) and one that has an inherently unprofitable business-model (like WeWork). Such companies are kept alive by eager investors.
Yeah but companies still need workers so it's not like they can fire much of the workers since they still need the workers to work for them
Then $15 will be the new zero
Ok? And a quarter used to buy dinner
It wouldn't be zero. A $15/hour minimum wage would be what the $7.25/hour minimum wage is now. The market would have to correct itself. Minimum wage will always be minimum wage. My personal opinion is that the real issue is shipping so many jobs of shore. Jobs need to be brought back to the United States.
I'm really not for upping the minimum wage (at least not this drastically), but if they do, there should be two minimum wages.....one for major globalist billion dollar corporations, and one for mom and pop shops. Mom and Pop shops cannot absorb these drastic costs without cutting jobs, drastically raising costs, quality of service declining, etc.
Also, even with a minimum wage for global billion dollar corporations, that doesn't mean they won't cut costs, just because, even though they can definitely afford it. The government would need to incentivize major corporations to keep these jobs, via tax cuts, or some other monetary way.
Ultimately, major global corporations will end up doing as they please. Why? Because money is power and they have a LOT of it. This is what liberals simply do not understand. They are always going to find a way around, and the only ones that end up paying are the people. These corporations will just cut jobs, raise prices, automate, outsource, etc.
You want to tax corporations up to the eyeballs and demand they pay workers astronomically higher? Great.....believe me, they will find a way around it, and as I said before, the only people that get hurt are the workers. I believe the Democrats at the top know this, but they seem to be hellbent on battering this economy, dividing and conquering, and expanding their voting base. We need SENSIBLE solutions, not drastic ones like this.
What’s to stop all the best workers going to the big companies? The mom and pops won’t be competitive for quality employees much lower than the big box minimum.
@Truth Teller
💯% agreed with you but sadly a lot of low IQ people won't get it.
@@NA-oo4ls As long as there’s unemployment I would assume there’d still be people going for the mom and pop jobs.
You just convinced me that your country absolutely sucks and that no change is possible. You're seriously cynical! I'd immigrate to another continent if I were you. Seriously. People in Europe are seldom this jaded.
@UA-cam Censors Statements like this are the reason why your country absolutely sucks. Minimum wage jobs are very stressful, degrading towards the worker and don't pay nearly enough for the amount of effort. In a bad economy many overqualified people take up minimum wage jobs. And it's absolutely criminal that the CEO of a fast-food monopoly is swimming in cash when the employees are struggling to make ends meet. In a worker co-op situation everyone in the company would be rich and have great benefits.
@6:06 if a company can't pay $15 min wage than that company shouldn't have open?
Oof.... Such an uninformed answer. Small business will suffer and big corporations will take over.
Which is fine by the left. Remember when Frank-Dodd forced many small banks to close thus eliminating competition for the big banks and choice for the Proles? Raising the minimum wage does the same thing. There's no unintended consequences.
If it helps small business why shouldn’t we decrease our minimum wages to $5? If Squeezing employee’s fair pay share is the only thing marking your business afloat then maybe that small business needs to do something else as their business.
@@RobSchellinger “small bank” that literally had no regulation and started preying on customer with loans that made 2008 financial crisis possible which was the only thing making them profitable. Don’t let the door hit you!! 👋
@@nomads7978 only thing marking your business...? Did you finish high school? Is that the reason you are desperately trying to push the $15 min. wage? 😂
@@nomads7978 the point is running a business is freakin hard and after the government FORCED you business to close or open at half capacity why would this help them in any way? “Just do a better job running your business bro lol” is what you said and it’s incredibly ignorant and ignores the issues of half the country.
I'm all for a fair working wage, but I'm afraid that this will just accelerate robots and AI taking over menial jobs.
60 million jobs have already been automated according to Forbes. It’s happening regardless.
@@dylanf3108 True, but it will happen much quicker now/become extremely more cost effective to do so.
@@lockeandrand that’s what they want the masses to think so they can continue to exploit the working class. Meanwhile, Executives continue to see increases in pay despite performance.
@@dylanf3108 Exactly
I approve more of U.B.I.
We need money going towards job training rather than minimum wage. We are facing shortages in various jobs that have high earning potential.
What are those job's?
At 7 bucks an hour minimum wage workers don't have time for training.
well thats partially true but if u do look at IQ statistics training only really helps underpaid workers achieve their potential. it doesnt help someone who cant do more complex jobs get more complex jobs. the elephant in the room is what to do with the 20% of the workforce that through no fault of their own are not capable of doing tasks complex enough to justify a reasonable wage. a large part of this discussion doesnt account for the fact that individuals working at very low wage jobs tend to be people who already were failed to be trained, either in school or in other employment ventures. its not a nice subject but it is the reality and these people still deserve to live dignified lives.
You get it!
Both can happen
Not from the US, but having a minimum wage at $15 an hour like it is here also forces companies to make jobs that are worth that much. I'm sure you've gone to fast food places or grocery stores and there's people just standing around talking. Companies don't care that much when they're paying you $7.25 an hour. Also being more efficient with other things in their business to make it worth it. Workers with low skills are basically fighting there way to the bottom of whatever the minimum wage is so when it's cheap companies don't care about being efficient. Even though I'm nowhere close to minimum wage I think it's fair that a person working 40+ hours should have a livable wage. The minimum wage has been $15 here for over 5 years and before 2020 we had the lowest unemployment since the 70's.
Go to McDonald's then go to Chick fil A or in and out burger. I go to McDonald's and the cashier doesn't know how to run the cash register or count change back. Then go to In and out burger and they're so much better trained, everyone is working together, polite etc. I'm like yea, In an out workers are worth $15 an hour.
@@vinyllpreviews9462 Mcdonalds pays low wages therefore they don't care to train their employees as much as chick-fil-a and in and out does nor are they as picky about who they hire because they pay so little an hour. If the minimum wage was to raise, employers would then make sure the people they are hiring are "worth $15 an hour." aka properly trained and able to count back change. (also Ive never had that issue)
@@giniak3770 I agree, Chick fi A trains their workers better, the investment is noticeable in customer service. Personally, both companies get what they pay for.
As a server we already have that.
These places are meant for entry level jobs for people seeking to gain work experience they aren’t meant to be a primary source of income.
"Hello robots..."
Automation is pretty widespread nowadays I predict within the next 20 years it will be 50 to 60 percent of the total manufacturing workforce input
@@inigobantok1579 robots aren't cheap and neither is the manufacturing. But minimum wage, regulations and taxes will definitely make Businesses chose automation overtime. US should eliminate minimum wage altogether if they want more employment
Hello tax on robots and universal basic income
Hello more taxes on robots and big business
@@gabbar51ngh Did you not pay attention in history class during the industrial revolution?
Clearly this person has not owned a business, considering how she feels it is so easy to pay employees top dollar as a new business. Please don't run for politics.
and clearly you haven't been working as a minimum wage worker this year (or ever), considering how you feel it is so hard to pay someone a decent wage so that they won't spend their energy worrying but instead contributing to the fullest to a new business. Please live with a minimum wage for once and be in their shoes
Living on minimum wage sucks!!!
@UA-cam Censors try having a career goal and you're 50 with a non-violent criminal record, living in the east part of town
Economist here: General equilibrium effects may be important as well here. Meaning that minimum wage will increase the budget of many poor households and by this create larger demand in the country for many goods, by this raising demand for workers and thus lowering unemployment. This should be mentioned in this discussion in my opinion.
second order effects can easily swamp first order
The effects that can be mentioned in this discussion are endless.
1. Inflation
2. Lack of investment
3. Increased ethnic minority unemployment (happened in 50s were black youth unemployment was actually lower than white - just youtube ‘Thomas Sowell minimum wage’)
4. Loss of jobs that are not skilled enough to be paid $15
5. Inconsideration for variance of median incomes between states
6. Increasing wage share may result in a shift to capital intensive production
And so on
Please try to look at the empirical evidence rather than just support optimistic theories.
No need to be an economist to know such consequences.
How did that increase in demand work in 2021? It led to a supply shortage.
@@hadzdon6649 The evidence shows a Minimum wage increase does not cause unemployment.
Look up the minimum wage of the five states with the highest homelessness rates, then look up the minimum wage of the five states with the lowest homelessness rates.
This is a very good point. Does a lot to show that a higher minimum wage does not exactly equate to a higher standard of living on average
Shouldve also gotten someone who is currently making 15/hr
Nothing will happen to them. Their wage will stay the same while others around them who made $7 will have their wages double.
The minimum wage should be $24/hr had it kept up with inflation and productivity
How is raising minimum wage gonna help the lower class? Everything like a gallon of milk or cheeseburger will increase to compensate.
This increase will not raise the lower class out of poverty, but will bring the middle class down. Think about it if minimum wage is $15 then everyday items will go up to make up the difference. If you make $25 then you will be spending on everyday items while people making $15 will still be drawing food stamps while people earning $25 will not.
People making$ 7.25 now will not be any better making $15 because everything will go up in price to compensate.
This is a communist ploy to destroy the middle class. Raising minimum wage will not bring lower wages out of poverty but it will bring the middle class down into poverty which is what they want.
Have a lower class and then have an ultra rich class is the end game. It’s all about control and they want it.
Jako Hindman Still on that communism brainwashing from the cold war. Americans are something else.
@@zombatija You didn’t answer my question you communist.
If a business can't run without the paying their workers more than $7.25 an hour, especially in the US, then it shouldn't exist.
Living Wages for each state adjusted for cost of living > One standard Federal minimum wage. #jakehunter88
Well more than that, also need to look at labor market conditions
States have the ability to increase minimum wage above the federal minimum wage.
@@dylandoge1627 Florida voted for the 15 dollar minimum wage
4:30 the guys says people are not having jobs, but unemployment was literally at the lowest point before the pandemic like????
Unemployment alone is a misleading statistic as it doesn't include those who have dropped out of the workforce entirely. Labor force participation is the lowest its been since 1978.
@@ryantyler4890 Now it is....but before the pandemic, the LPR was at its highest level across the board....men, women, minorities, etc.
@@whatareyoulookingat908 mmm no it wasnt? www.investopedia.com/terms/p/participationrate.asp it was on a slight upward trend but still way down from 2000
@@ryantyler4890 Ah, but remember those are the boomers retiring. The LPR for the working age is what increased(wink). :-)
Funny how they do not take inflation in any way. Doubling the minimum wage in few years will backfire big time.
The minimum wage hasn’t increased since 2009. Inflation likes to say hello 🙄
In such a capitalist economy with many sectors so poorly regularized, it is clear that this will happen. The logic would be how they earn more they can pay more.
they literally did talk about inflation
No it won't. Studies show what you are saying is demonstrably false. Check out Denmark! Their McDonald's workers make $22. If we put it in terms of Big Macsnwhich are $2 more there due to inflation, their workers still get paid 4.5 Big Macs an hour...ours get 1.8 in comparison. Not even two. #TheMathHelps
15 dollar minimum wage is going to make jeff bezos a trillionaire for sure.
Might. Or mabey he will lose some money due to inflation
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This issue has two sides. If minimum wage is increased, it is harder for small businesses to hire more people. If minimum wage is exclusively required for large corporations, then demand will fall for workers of small businesses, which makes things unfair
I believe the proposal includes subsidizing small businesses who cannot afford it. Yes it's tax payer money, but does that cost out weigh food stamps and welfare? I think that's the key
It is a double edge sword because small businesses owners also have to understand that the cost of living is rising in their community. So you either go with increasing wages or your business invests in robots and tech to lessen worker count.
Wow you guys are smart
I doubt demand will fall by too much, the competition will make it harder to get those jobs in large corps in most urban areas.
@@xxxxMonkeyGirlxxxx or you don't have any business and no one is better off like detroit
No thanks.
I don't want to see my favorite local restaurants go out of business.
Then pay more for the meals if you like it so much?
@@MrAmgadHasan Maybe they should just acquire a skill and/or education instead?
If Minimum wage increases food would be more expensive
Yes. But most likely not very much 🤷🏻♂️
How so agriculture is literally automated it would not hurt the farm by that much
A lot more expensive.
@@micblades1117 There's absolutely no evidence that this might happen. Nor are there any economic models that would predict a steep rise. At least none that I'm aware of...
@@asozialesnetzwerk prove it.
The collapse of interest economy is just kick started
u dont know anything
That doesn't make sense or mean anything.
It’s a shame that people even complain about offering someone decent pay of $15.00. I’ve seen people without the proper experience or degree making 20ish and hour and do nothing all day. It ain’t right and it’s not fair. It took me FOREVER to get to $13.00 an hour and i have a degree. I’m about $19.00 an hour now. Took forever. The only way to move your income up is to get another job/promotion outside of work or quit and work for yourself- this is not what I thought my 30s would look like. I’m leaving my job to work for a small business that is willing to invest in me and me in them. I hope to never return to corporate America where they only are profits over people.
If these corporations weren't so greedy this wouldnt even be a discussion
we raise wages they raise the prices. nothing changes
Prices have been rising independently from the federal minimum wage. Inflation gonna inflate
Only difference is smaller companies which are limited with money to pay workers such a high wage will collapse or be forced to lay off staff with the inability to pay them.
@Santiago jr One day prices in China are going to go up as workers enter the middle class and US companies will inevitably find another country to profit off of...already happening to an extent
How do you explain rising costs in every sector year over year? Is that from a non existent wage increase? Companies are always looking for ways to increase revenues and decrease costs. Earned revenue goes back to executive salaries and some r&d. Companies will have to allocate those earned revenues back to the workers.
@@surgec Yeah incremental increases are important for the reason you stated but such a big jump during a Pandemic where some smaller businesses have been and still are struggling to stay afloat will deffinitely not be able to pay their staff.
I don’t know why this is so hard. Make the big businesses like fast food chains, wall-mart Ect. to go to $15 immediately because the can easily afford it and faze it in over the next 3-5 years for all other regional and small businesses
Its only helping big bussiness to erase competition, because small bussines with small percentage of profit cant afford to pay their worker more, dont forget people who already on 15$above will demanding more on their, they will said, how come my salary are equal to someone just flip burger?? I want more...after that literally zero poing of having minimum 10trillion per hour if you dont have job
@@mademade5939 I agree. Your specialized skill set should determine your wage.
@@mademade5939 why is your salary equal to someone who flips burger? Because they are the motor of a Multi- Billion follow empire. People who are already making enough money to live a good life aren’t counting the money of anyone else, they are focused on enjoying life.
Automation process is just going to speed up + 3D printing will start penetrating manufacturing more intensively
Employers will find ways to reduce cost, one way or another
3D printing is coming for manufacturing jobs, but most skilled machinists make more than $15 anyway. Although overall I'd say manufacturing is on the rise, it just won't be unskilled production line labor, it'll be engineers, technicians and support staff like QC.
A UBI or automation/robot tax will help society transition from the traditional economic model to the future of work where people have more free time to pursue non menial pursuits.
@@matrix2000x2 UBI > Tax, big companies lobby to write the tax code and would wriggle out of any serious cost while smaller business don't have that luxury
@@ryantyler4890 small businesses without automation/robot displaced jobs will receive tax break
They're doing that anyway. If you give them 15 dollars an hour, they'll have the ability to take training or start a small business or something. By paying them 7 dollars an hour they don't have that ability. (Also many of these jobs are retail.... Full Automation in this sector is very unlikely, most shoppers want someone to be able to help them.... Then stocking and cleaning a store is incredibly difficult in automation (as someone who programs automation and has worked as a retail manager))
Raising the minimum wage to such high amount is the beginning of Socialism in America, with high inflation, high prices for food and huge unemployment ...
Sickle and hammer time
Every other developed country has Medicare for all. It's not socialism, it's human-centred capitalism
Exactly!! We need universal Healthcare in this country, every other country has it why not us?
The redistributionists seem to think that business owners pluck money from a tree when they need to pay more for something
You will see small businesses across the country go bankrupt within a year, leaving corporate big box stores continuing to operate unfettered as they have since the beginning of last year. These $15 an hour employees will not be working full time, rather they will work part time and due to a loophole they will also collect unemployment while they're living in their mommy's basement. Remember this started 3 years ago in the Pacific Northwest and it had a part in driving many small businesses to close, but politicians didn't care, they did it for the votes.......
$15 an hour would be great if you get to keep your job. Unfortunately inflation gonna hit hard.
Inflation has already hit hard and wages have not kept up with that.
How did you arrive to that assumption is astounding to me. Inflation would lead to lesser job security??? hmm.. try saying that again, higher prices would force companies to slash workers??? What data do you have to back this?
I have a really revolutionary idea for that chick... Ask for a raise, or go get a job that pays better 🤯
6:21 a large majority of small businesses are restaurants, and those have little profit, a company's largest cost is employees, and you are DOUBLING that, literally every single restaurant would close.
Some of these low skilled workers wouldn't take much automation to replace
I work in finance and I wouldnt say it takes a lot to automate the whole job.
i replaced a few with a box of rocks. more gets done now cause im working alone and actually working 8 hours a day and not arguing with whiners 7 hrs and working 1.
I agree that the minimum wage should rise, but gradually. Unfortunately, Congress has not made this happen. Pushing a doubling of minimum wage will only cause shock to small businesses who often employ low wage workers and operate with low profit margin. This is not going to significantly impact businesses that hire well paid, highly skilled workers, and make big money on the fruits of their labor.
Stating that a business that cannot afford a higher minimum wage, is unhealthy, and should therefore no longer exist, is equivalent to stating that a person who cannot educate themselves and strive for higher paying work is weak and not fit to live.
In more expensive regions, a person making $15/hr, or approximately $30k/year, is also likely in the food assistance programs even now, especially if supporting a family. Food assistance will still exist because someone is always at the bottom. So how am I saving money, Mr. 35cents?
LET EACH STATE DECIDE THEIR OWN MINIMUM WAGE!!!
Don't FORCE a one-size-fits-all approach onto all states. Consider the different costs of living. It is easier for a state to change than for the entire country to change. Different people want different minimum wages or none at all, let each state control their own path. Don't force your views onto everyone else.
Can we talk about why this young lady is making minimum wage at 21? What kind of education does she have, what kind of family did she grow up in? Without looking into the details, raising the minimum wage is just slapping a bandaid on a very complex problem. Imagine a doctor prescribing the same medicine for all patients. That’s what raising the minimum wage is.
About a million US Workers would lose their jobs.
About 9 million US Workers would benefit.
#DoTheMath
Watch your food prices rise rise rise! Everything rise in prices.
If you are a middle or upper class you can afford it. If your lower class you will also be able to afford it. I am a middle class person and i se the benefit in the cashiers i meet in the groceries store is happy and have a livable wage if i have to pay 3 dollars more for goods because of the offsetting to customers. Its feels a lot better than paying taxes to the government.
@@maa1649 There would be fewer jobs for the lower class and elderly because now these jobs are lucrative to some , especially young people.
Except you're salary so what's your argument?
*laughs in 200% increase executives and ceo with multi million wages*
As a business owner I can promise this will increase unemployment.
Inflation will rise eventually. But it does help more than it hurts.
Inflation would eat away that $15. Minimum wage is a starter job.
@@bngr_bngr everything wouldn’t magically be twice as expensive. Inflation has gone on meanwhile these workers’ wages flatline so their buying power is reduced. Inflation will happen but not at the percentage that the wages will increase meaning those workers’ buying power will increase regardless.
@@bngr_bngr If inflation were tied to min wage then why has inflation spiraled while the min wage has stayed stagnant
Rexy 1776 inflation has been mostly been at .25% for the last 12 years. The biggest during that time was 2.5% during our last expansion.
There’s only 1 real minimum wage: $0. That happens when you get laid off because your company can’t afford to pay you $15/hour.
they shouldn't be in business if they can't afford to pay employees liveable wages 🤷♂️
Okay ben shabibo
The truth is many jobs go overseas for sweatshops for super cheap labor
Minimum wage is meant to be an entry point into the workforce, not a living wage for a family. Even the, it would be 2 people making minimum wage not 1.
Yes but entry should help people gain wealth regardless not make them stuck in poverty
No the minimum wage is to prevent exploitation of workers and to set a baseline in which anyone with a minimum wage job should be able to sustain livable conditions
@@lionkinggamer9458 No, if you're just entering the workforce you should be young. You should have to work hard to obtain wealth.
@@ThatGamingGuy No one would take a job that doesn't pay close to minimum wage already is except illegal immigrants.
Actually, when minimum wage was first introduced, it was for just that, a living wage for a family. One person working with original minimum wage could support a household of 4, and have money to buy necessities, wants, and have some left over to save.
I can hear it now at the McDonalds drive up window "Please listen carefully because our menu has changed" LOL
They’re already poised to do that since they’ve put up electronic touch menus for a few years. Cashiers will be made redundant in a few years anyway; $15 minimum wage would just make it happen sooner.
@@metaphoricdirigible1499 Not to mention mobile app ordering is already widespread.
The future looks dark, people want to make more and just serve frozen food and still can’t get the order right, “I said no mayonnaise”
@WHO WHO WALKWA fact look I order two Mcchicken and a small french fries and I said no mayonnaise and they put it and they give me a large fries so I went back and OMG they look at me like if it was my fault and I waited for 18 minutes.
Instead of artificially raising the minimum wage the focus could be on reducing the cost of HEALTHCARE. That would keep more money in people’s pockets and lower business expenses, boosting the economy. This issue has been untouched for too long. It is time for MAJOR CHANGES in this inefficient sector which is draining people’s budgets.
Sometimes i feel that the south actually won the civil war and slavery in the USA just got rid of some of the extra steps afterwards, allowing to scale up the operation.
From this viewpoint, it makes off course a lot of sense that republicans are against raising the minimum wage - it could lead to some of the slave workers escaping poverty ....
You should ask a small business owner how they’d react to the wage too
Any small business owner that can't pay their employees a fair living wage deserves to fail... just like the big companies.
@@TheRepublicOfJohn that's what so many of these "economic conservatives" don't get. If you can't pay your employees a living wage, you don't deserve to have employees or a business. No matter how big or small.
@@purplewine7362 This argument works the other way, too: If a business owner cannot pay you 15 $ an hour, why don’t you go and work somewhere else?
@@purplewine7362 So you'd prefer all those people to become unemployed and not get paid at all if they don't get paid more than a certain level am I right?
@@purplewine7362 What is a "living wage"? Living in San Francisco compared to the middle of Wyoming is very different. A person making $100k in San Francisco is struggling while a person living in Wyoming on that same wage is doing very well. A living wage is also very different if you have kids/older parents you need to take care of compared to living as a 20 year old alone.
I think it should be raised, but $15 is waaay too high, should be about $11-$12 right now.
Yeah from 10 to 15. you are so lucky.
"That's a feature, not a bug."
Sir, you pulled it on the right time!
Perpetual victim class says lower standards and higher pay?! She hasn't any worthwhile skills!
Thank you! It’s pretty obvious. If you feel underpaid, get a better paying job. Oh they won’t hire you because you don’t have the skill needed to be worth a higher pay number. Well you could go out and learn the skill needed.......or complain like a Democrat. And this is coming from a 26 yr old black dude who doesn’t do identity politics.
I’m a management consultant in a big 4. This is considered to be quite a prestigious and well paid job. Yet, I think anyone could learn the job in about 2 weeks. Only reason I landed that job was because I was lucky enough to get the right elementary, secondary, and undergraduate education which got me that stamp on my CV. I, on the other hand, would never be able to work more than 2 weeks in a minimum wage job. It’s just too emotionally draining.
We’ve got to respect essentiel workers. They provide more tangible value to society then we do. If this pandemic has taught us anything, they deserve much greater consideration.
ASK THEM IF THEY CAN LIVE ON $15 AN HOUR, IF IT'S NOT A LIVING THAN SLAVERY IS THE REALITY OF POVERTY WAGES.
Should eliminate minimum wage all together.
Australia has living wages for a minimum salary, people have more money to spend and business has more customers and businesses. Students can earn enough to survive working casual hour/part-time while studying. How come US politicians doesn't talk about the economic gain from extra businesses due to more income?
Once if the bill passed the companies will start to think how to reduce workers in the office and the tech companies will love to offer the services
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Why not make it $150/hr? Everyone would make $300k/yr and have a good income. Problem solved.
Porsche, you are clearly unpurposed. Why stop at at minimum wage job? I started at McDonalds at ~$5/hr, however that was the BEGINNING of my working career. Now I make ~$150-300/hr. What is the attraction of staying at the bottom? What glory is there in that job? Why not provide more service, value so people will pay you for your value. hint: THERE IS NO CEILING AS TO WHAT YOU CAN MAKE IN THIS WORLD--especially in America!! That is all I need to know. Let the foolish stay at the bottom and fight over crumbs & leftovers. I wanna keep climbing because it gives you purpose, drive, ambition, and intentionality---which is what I though life was supposed to be about.
respect! people don’t wanna be great
Make no mistake! The only negative impact of a $15 minimum wage is on billionaire bank accounts!
Too many excuses on why minimum wage should not be raised its wrong poor low-income people have the right to prosper to.
raising minimum wage hurts minimum wage workers the most
Raising the minimum wage would hurt the people that need that money the most…
Can you remember when a person took your order at Micky D. Now the customer punches his order into a kiosk. Expect more jobs to go to drobots.
Higher minimum wage is nice but, what about lowering the cost of living?
The fact that this video constantly talks about a $15 minimum wage as if it is some crazy pipe dream that we can only speculate and theorize about, and doesn't once mention any statistics or studies on what has actually happened in the real world in places in the US where $15 minimum wages have already been implemented, is frankly inexcusable laziness at best. It has been done and the results don't always match the simple supply vs demand predictions that most economic theorists were making.
The Economist made a far better video on this last month, discussing how the real world effects are more complex, watch that instead.
The economist video was dumb. No conclusions.
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