Seattle's Minimum Wage Hike An "Unmitigated DISASTER" Says New Study - Here Are The Facts
In this video, I sit down with author and economic analyst John Sneisen to talk about the recent "disaster" in Seattle as the minimum wage is hiked to $13/hr following its recent hike to $11/hr.
As I had predicted in 2014, the minimum wage hike would lead to vast unemployment, poverty and cause businesses to look elsewhere to set up shop.
Well, the truth always prevails eventually!
According to the study,
"The numbers of hours worked by low-wage workers fell by 3.5 million hours per quarter. This was reflected both in thousands of job losses and reductions in hours worked by those who retained their jobs."
"The losses were so dramatic that this increase “reduced income paid to low-wage employees of single-location Seattle businesses by roughly $120 million on an annual basis.” On average, low-wage workers lost $125 per month."
It's basic economics and market principles to understand the inflation of the price of living as the wage is raised, all while employment crashes in an attempt to save the markets from total destruction. Everything the government does, the free market does better!
People have to understand the difference between the amount of money they get and actual value as value goes down as the wage is forced up.
Who benefits? McDonalds, Burger King, Walmart, the companies these "Fight for 15" activists say can afford to pay them more. Of course they can afford to pay them more, but that's not the point. The small businesses can't. That's why Walmart and McDonalds support the wage hike. It leads to further monopolization and less competition in the market.
This also leads to massive job automation and will lead to vast long-term poverty rates.
Time to grasp reality folks! Just because something "sounds" good doesn't mean it is.
The minimum wage hike begets poverty and inflation. This isn't rocket science.
See the FULL video report here:
Stay tuned for more from WAM! Don't forget to Upvote, Follow & RESTEEM! :)
If you like what I do, you can donate to my Bitcoin or Ethereum addresses below!
Bitcoin:
Ethereum:
This post has been ranked within the top 80 most undervalued posts in the second half of Jul 08. We estimate that this post is undervalued by $20.35 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: Jul 08 - Part II. You can also read about some of our methodology, data analysis and technical details in our initial post.
If you are the author and would prefer not to receive these comments, simply reply "Stop" to this comment.
I was actually shocked to see how little it made. :S
The robots and companies manufacturing them benefit from these fools.
Why not just hike the minimum wage to 50 bucks an hour if it's such a good idea. Of course that would put 90% of population out of a job but somehow 15 is a good idea.
These people are gullible and don't realise they have been manipulated into hurting themselves.
The damage is done now. Undoing the damage will take years.
Exactly. As I mentioned in the video, you can raise it to $5000 dollars an hour, it'll just bring the value of products on the shelf up relative to it while forcing people to the curb. It's amazing people can't understand this incredibly basic reality.
The minimum wage kills jobs.
Yea, its a disaster for the ruling class, the same class that owns the fake news propagating this yellow journalism (fake news). It shows that if you pay the rabble fair wages the economy improves, lives improve, communities improve. That is horrible for the oligarchy
The ruling class capitalizes on this, that's why companies like Walmart SUPPORT the hike. It's basic economics and market principles. Did you actually watch the video? The mainstream media is propagating the "need" for a forced minimum wage hike constantly. XD
ignore the data if it does not fit the narrative
The western world is at catch 22.
when the compagny pay more
they charge more so
interesting post...nothing against Seattle (I have family there), but it's nothing but a valhalla for liberals. As a Libertarian I feel it's 'live and let live' but that place is quickly circling the toilet bowl.
Yes we are in tough economic times but what makes me wanna beat my head against the wall when I see these minimum wage protests is a lack of understanding the economic effects from their desired outcome.
Who would of thought when you raise min wage the mom & pop shops get completely screwed and everyone loses their job. It's not like every economist has been shouting this for 50 years. Typical Liberal cities covering their ears and yelling I cant hear you.
Nice ...