I'm sure that some of the people pushing for a Minimum Wage over $10/hour in the United States are intelligent. Hell, some probably even went to Harvard.
But, my guess is that those individuals never set foot in the Economics Department.
A new study by the head of the Hospitality School at Pennsylvania State University offers a decidedly dire prediction for the City of Los Angeles, should it hike its Minimum Wage to $15.37/hour ($32,000/year):
1394 Hotel Jobs Lost, $106 million lost in guest revenues, equalling $16.4 million lost in hotel occupancy takes and almost $3 million lost in corporate taxes.
And, that's JUST the hotel community in Los Angeles.
Say what you will about Ayn Rand...but we get closer to "Atlas Shrugged" every day.
Try reading these to get a sense of what is going on in Seattle.
Maybe I'm just not brilliant enough to comprehend how artificially raising what folks are paid makes for a perfect society.
Eventually, the social justice crowd will start protesting about protecting those left behind (lesser skills and lower work ethic) who aren't working because those with better work ethic and skills got those fewer higher paying jobs.
Posted by: LT | June 19, 2014 at 09:16
My bad, follow this link:
https://www.google.com/search?q=Sea-Tac+minimum+wage&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-US:official&client=firefox-a&channel=sb#channel=sb&q=Sea-Tac+minimum+wage&rls=org.mozilla:en-US:official&tbm=nws
Posted by: LT | June 19, 2014 at 09:16
I don't begrudge for a moment paying someone a minimum income to survive from the state. I utterly resent the unawareness that a minimum wage creates. It leads people to be oblivious of the fact that when they are paid a minimum wage they are already grossly overpaid.
Posted by: Paul Shears | June 21, 2014 at 00:37