In shocker, minimum wage shown once again to harm the poor

[CitizenBBN]

http://www.foxnews.com/politics/2017...tudy-says.html

The University of Washington paper asserts the new wages boosted worker pay by 3 percent, but also resulted in a 9-percent reduction in hours and a $125 cut to the monthly paychecks. The law also cost the city 5,000 jobs, the report said.

Not really a surprise to anyone with good grades in microeconomics, which shows indisputably that minimum wages are bad for the very people who they are supposed to help. it pushes the allocation production from labor to capital and pushes a number of substitutes that only hurt the lowest wage earning workers.

Now, if you want to buy stock in fast food robotics companies, that's a good plan if you think this $15/ hour thing is going to take hold. Thank goodness in Kentucky the courts stopped Lexington from going off the deep end and pretty much wrecking our economy.

[Doc]

Wait, that makes no sense. If you pay people more they have more money, simple as that.

The other option is just have the US mint print 320 million dollar and then give everybody in the country $1,000,000 so we would all be millionaires. That would work too!

[Catonahottinroof]

That would give everyone a dollar....

Wait, that makes no sense. If you pay people more they have more money, simple as that.

The other option is just have the US mint print 320 million dollar and then give everybody in the country $1,000,000 so we would all be millionaires. That would work too!

[UKHistory]

The Washington Post has a very good article on the survey. It notes some possible rationale (including more higher paying jobs in Seattle where the survey was conducted) for this outcome but does say the survey was bad news for those who want to increase the minimum wage. For people with a statistics background, I think article is one to enjoy.

And no question this survey on its findings does give pause to those who say we should raise the minimum wage.

[Doc]

That would give everyone a dollar....

Oops, meant trillion