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there is high inflation right now but that could also be followed by a deflationary crash. Unsustainable inflation without wage inflation is extremely dangerous phenomenon...it's essentially stagflation.
There is not high inflation now. We haven't met our goal of 2% in a few years.
Quote:
Originally Posted by greywar
Historically increases in minimum wage have not had noticeable impacts on inflation or unemployment. Why is it different now?
So how bad was it when in 2007 it jumped from 5.15 to 5.85 to 6.55 in 2008 and then to 7.25 in 2009? That's 40.78% do you think the world would have cratered if it had gone up to 8.34 an hour or 62% from 5.15?
While I agree wages across the board need to go up, but looking at percentage of increase doesn't tell the whole story. As the base amount gets higher the percentage means more. Forty percent of 5.15 is 2.06. 40% of 7.25 is 2.90 (almost one dollar more). 40% of 9.00 is 3.60. 40% of 10.00 is of course four dollars and so on. It's not a linear relationship but more of an exponential one.
Trust me, I think wages should go up, but a fifteen dollar min wage is insane. I think somewhere around ten dollars is more appropriate.
No, the opposite will happen. People will actually be making a living wage and won't have to steal and won't need food stamps anymore. Nice try, though.
While I agree wages across the board need to go up, but looking at percentage of increase doesn't tell the whole story. As the base amount gets higher the percentage means more. Forty percent of 5.15 is 2.06. 40% of 7.25 is 2.90 (almost one dollar more). 40% of 9.00 is 3.60. 40% of 10.00 is of course four dollars and so on. It's not a linear relationship but more of an exponential one.
Trust me, I think wages should go up, but a fifteen dollar min wage is insane. I think somewhere around ten dollars is more appropriate.
Truly when we are talking about profit margins and businesses percentages matter more so than dollars because at the end of the day it's all relative
I'm hoping the increase in minimum wage will revolutionize the work ethic of those who find themselves out of a job because of it. Don't increase social benefits either.. let them either starve or work harder to survive. No, I'm not being sarcastic.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by Lowexpectations
So how bad was it when in 2007 it jumped from 5.15 to 5.85 to 6.55 in 2008 and then to 7.25 in 2009? That's 40.78% do you think the world would have cratered if it had gone up to 8.34 an hour or 62% from 5.15?
If all at once, yes. In the case of Seattle it's actually not going to be all at once anyway, but over 5-7 years, thanks to the collaboration with business representatives. Any city that goes from straight to $15 is asking for problems.
If all at once, yes. In the case of Seattle it's actually not going to be all at once anyway, but over 5-7 years, thanks to the collaboration with business representatives. Any city that goes from straight to $15 is asking for problems.
If all at once? Well that really has nothing to do with your post I responded to or my response for that matter. A 41% increase in 3 years wasn't problematic so 62% over 5-7 years would do what? It's not as problematic as people are making it out to be or act like there is no historical reference
For a start, the people who are getting $15 an hour right now (mechanics, plumbers, electricians, airport baggage handlers, etc) will object to working for the same wages as an uneducated unskilled burger flipper. What I have heard is "why should I do this hard work when for the same money, I could stand there, staring off into space and occassionally turn over a burger patty?"
Incidentally, burger flipping will become a non-issue, because that job can be automated, and if wages get too high, then it will pay to buy the machinery to automate.
Don't know any mechanics, plumbers or electricians making only $15 an hour. These tradesman are making at least $25 an hour AT LEAST. I'm an electrician and a journeyman level electrician makes roughly $25 an hour, master electricians make well over that.
So how bad was it when in 2007 it jumped from 5.15 to 5.85 to 6.55 in 2008 and then to 7.25 in 2009? That's 40.78% do you think the world would have cratered if it had gone up to 8.34 an hour or 62% from 5.15?
Seems that things got pretty bad right around 2008 and we're still somewhat digging out of it.
Causality? Perhaps, perhaps not. But.. I'm just answering your question of how bad it was at that time.
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