The DISASTER Of Minimum Wage Hikes! - Poverty And Unemployment SKYROCKET
In this video, I report on the unmitigated disaster that is the $15/hour minimum wage hikes in many states across the United States. As the wages get hiked, enforced by the government, businesses are forced to close, lay people off, automate or leave the states.
Government always comes in as the savior for all the problems it created in the first place, creating more serious problems and leading to a greater control complex. This is by design of course, or it's a crazy coincidence, but quite obviously it IS by design.
As the $15 minimum wage hike is implemented in many states including Illinois, New York, New Jersey, California, Massachusetts, Maryland and DC, people are interestingly fleeing those states which capitalize off of the dependence of the impoverished and homeless. As the exodus continues, the rules, regulations and taxation becomes further enforced and more problematic while the states people are fleeing to are being conditioned and influenced to do the same things.
This problem is based on two factors... Emotion and government control. People emotionally accept the notion of higher wages without understanding even the most basic economics because it sounds nice and good. Meanwhile, even people like California governor Jerry Brown thinks it's a bad idea but that it's "morally right." Same with governor Cuomo. Then, from the government control factor, it creates more unemployment (that will be hidden in the labor force participation rate) and that will transfer over to programs that people will be dependent on.
It creates automation of course which isn't a bad thing economically, but only the major corporations that have been monopolized by the state in the first place will be able to afford to make the move while small businesses are pushed out of the market.
Then, with the price of living constantly increasing due to the printing of fiat paper at the Federal Reserve, you will also see a rise in equivalent costs. People might be getting paid "more" but just because the number goes up doesn't mean the buying power goes up. People will be able to purchase just as much if not less with the larger number following the dollar sign. People will pay for it one way or another and people will lose.
This is a great deception bestowed upon the populace unwittingly. Don't be dependent and don't be uneducated. If you understand your money, you can control your money and if you control your money, the people who print the money and those who regulate said task cannot control you. Be independent and responsible and you shall prevail!
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There is no good data in this post to demonstrate that minimum wage increases reduce employment. But the word "emotion" appears a few times.
Anti-minimum wage oligarch supporters have been saying this since before minimum wage was created. It wasn't true then and it is still not true.
Automation comes anyway. The savings from automation are not measured on some marginal increased cost per hour for workers, but rather upon revolutionary technological change that makes workers obsolete. In other words, a few percentage points of increased wages cannot compete against transformative automation.
If the money supply is a major determinant of general price levels, inflation should be much higher than it is.
This is the biggest, most important, and most obvious misconception of minimum wage opponents. The fact is that higher minimum wages always increase buying power for wage workers. ALWAYS. The rule is that a business cannot pass all of its increased costs onto its customers. This means that -- necessarily -- the workers have more real income to spend.
So, higher wages reduce buying power? Your cards are on the table now.
If you are working for wages, you already are dependent. Don't be indoctrinated by oligarch economics.
Dude, it is incredible when someone is blind they don't see what is in front of them. The dude writing this post was right, we don't need more government intervention than we have to, and raising the minimum wage is one of those things we don't need I know doing that feels good, like we are caring for the poor and the needy, but we are doing more harm than good. And yes, a lot of thing on your reply are also true, but that does not mean, that the writer is wrong either. Well, regardless of anybody's opinion, now we have a lot of stores closing in the US, so will see how this is going to affect all of us.