Liberals subscribe to magical thinking, believing that free college tuition and free health care to illegals will somehow end up a net win for the public. But reality often intrudes on this magical thinking like a big pimple on the end of your nose, and it is painful and unsightly. In this case, the laws of economics are intruding into the magical thinking of liberal politicians in San Francisco (as if there were any other kind there), and it is a growing problem.
San Francisco has declared that the minimum wage in the city, now being replicated in several other fact-challenged cities, will rise to $15 by 2018, and polls there predict happy, better-paid workers who will finally have a “living wage.” They have also insisted that this will not increase inflation and that it will be a boon to the minimum wage worker. That is a lie. And the impact is just now showing up as the first mandated rise from $10.74 to $12.25 is being implemented by certain retailers.
See who is raising prices in San Francisco, page 2:
No, increase in minimum wage boosts aggregate demand. Minimum wage workers have low propensity to save to. Increasing the multiplier effect, and velocity of money. 200 economists (7 are Nobel prize winners) have wrote a letter to congress telling them to increase minimum wage. You can see if you Google it. People who have not studied economics think it’s a bad idea because they have no idea what they are talking about. They think of supply side economics (Known as Say’s law) which is a fallacy!
Lolol..anybody in Cali understand Economics? No?No matter. It’ll all be on fire soon. Right after the teat is cut from Federal Funds. When the spigot comes to a drip.
And therin lies the problem if you think the business owners are gonna take a pay or bonus cut so heir workers van get a fair wage watch how quick things become automated and prices sky rocket to compensate for the change in wages wow the stupidity the only way to change any of this is to put a legal cap on how much profit a company can make per dollar and force them to do profit sharing which will never happen
Love that $15 minimum wage Jon?
As you collect your SOCIAL SECURITY check moron . We’re already a Socialistic nation , but people like you who use socialist services are just too stupid to realize it.
So let’s just leave wages low, while the cost of living keeps going up, and keep everyone dependant on government help – idiots.
CEO’s are just high paid managers, the owners , and stockholders take the risks, and make the investments. Ebt cards can not be used in restaurants. Makes me scratch my head how people so willfully ignorant such as yourselves make it in life.
Bill Dixon- Drive a state, or country over for dinner? You sir are a moron. Tony LoCoco – Learn to put a sentence together before criticizing someone’s intelligence.
Funny to see the arguments of people who feel that businesses should be paying employees a large wage regardless of the employees input to the system. Min wage jobs are not intended to be careers. This is just another way to drive the country into servitude. Everyone on a fixed income will be destroyed and small businesses crushed between this wage increase and Obamacare. It is a socialist dream come true.
But the ceos both make 13 million in a year down from nearly 30 million apiece previous year….oh my…how will they ever make it on a measly 13 million a year they dont have to raise costs all their greedy asses need to do is take a pay cut