Roujin wrote:If only there had been in recent history a time where a typical single full time wage was enough to pay for shelter, food, transport, etc for a small family. Alas this utpoian fever dream never happened so we can only speculate how truly damaging for the economy and small business it would be if wages were in line with cost of living and inflation.
GooberTheHat wrote:UBI would carry a lot of the weight these smaller companies would apparently be under if forced to pay an actual living wage. Maybe apply a lower rate of minimum wage to companies with less than x number of employees?
Diluted Dante wrote:I'd argue that for a very long time, the idea that you have an option to choose as an employee when at the bottom of the pile is absolutely laughable.
Diluted Dante wrote:If it's the same reasons as in the UK, it would be because the rate it is set at has never been near what's required.
equinox_code wrote:a living wage will always be a sticking plaster solution if nothing is done to counter the prospect of rents inevitably rising further- in response to workers having a bit more cash in their pockets.
RedDave2 wrote:Diluted Dante wrote:If it's the same reasons as in the UK, it would be because the rate it is set at has never been near what's required.
So if the uk upped the minimum rate to 15 sterling let's say, do you think this solves the problem (assuming the new rate increases as a min wage would anyway) or do you think (like me) it will just create a new bottom level and most costs will adjust to it anyway , resulting in no real gain.
According to a 2020 US study, the cost of 10% minimum wage increases for grocery store workers were fully passed through to consumers as 0.4% higher grocery prices.[155] Similarly, a 2021 study which covered 10,000 McDonald's restaurants in the US found that between 2016 and 2020, the cost of 10% minimum wage increases for McDonald's workers were passed through to customers as 1.4% increases in the price of a Big Mac.[156][157] This results in minimum wage workers getting a lesser increase in their "real wage" than in their nominal wage, because any goods and services they purchase made with minimum-wage labor have now increased in cost, analogous to an increase in the sales tax.[158]
acemuzzy wrote:What evidence is there that the cause of rental increases is minimum wage?
Diluted Dante wrote:Its not an either/or. You can address minimum wage and rent at the same time (as well as about 100 other things).
acemuzzy wrote:What evidence is there that the cause of rental increases is minimum wage?
It looks like you're new here. If you want to get involved, click one of these buttons!