quote:

Originally posted by Sigmanic:
Wow, what oracle could have seen this coming?

^^^

Something got more expensive - unskilled labor, in this case - and demand for it dropped. Who knew?

quote:

Originally posted by Skins2881:
So what you are trying to say is economics happened.

Yeah, how about that?! My econ professor taught that way back in the early 1970s. But then, he could actually think, and knew more than us students.

These assholes today (with few exception) come from these "feel good" classes and think they know everything about everything and everyone.

Using minimum wage regs as nothing but pure socialism at work.

2 results: drive marginal businesses out of business, and drive prices up for everyone, for those businesses that have not yet gone out of business.

Was it Seattle that started that shit, and quite a number of businesses closed up. Some permanently, the rest just moved out of the city and continued their business.

But when did "progressives" ever learn much of anything, and shockingly little from history.

We had a number of family members living in what was the East Zone of Germany. So we got to see what gubbermint control of every aspect of life can do to a nation.

quote:

Help me out here given I only have two bachelor's degrees with majors in Accounting and Finance, with a minor in Economics.

Sounds a lot like me. 2 BS degrees in management science (Production management, people management), minor in economics, MBA in accounting and finance. Not to mention a long career in a major (hugely successful) corporation called IBM.

quote:

Originally posted by Icabod:

quote:

Originally posted by Bytes:

quote:

Originally posted by signewt:

quote:

forced to shutter its doors in January after nearly two centuries in business. The owners said they couldn't keep up with the wages and health care premium hikes.

this has got to be one hell of a story

My exact thoughts. A lot of stuff (wars, depressions, recessions, riots) happened over 200 years and a few progressives killed it over a very short period of time.

Recall eating there with my parents. Narrow staircase where you waited in line. Open fireplaces where meat was cooked. There was a tin ceiling, exposed wiring and they never took down the pipes for the gas lighting. While I don’t remember it, the waitstaff was encouraged to be “surly.”

It’s more then said to see such tradition and history lost.

There is still a coffee shop at 29 Union Square, where ole Crazy Eyes used to "work" while encouraged to be surly. Seems that it is just under new management.

quote:

California, Illinois, Massachusetts, New Jersey and New York all have approved a $15 minimum wage...

Why does anyone in these progressive paradise states have to work at all?
What about a "guaranteed income" without the inconvenience of work?

The larger corporations have the money to "influence" lawmakers into this kind of feel-good social justice laws under which things like "living Wage" are sold to the gullible Left. Qui Bono? The corporations who just stuffed their smaller competitors in the arse with it.

Well, well, well... Bank of America raising hourly minimum wage to $20

This is how you undercut competition in a high employment market.

https://www.tampabay.com/busin...wage-to-20-20190409/

Would it be asking too much for Civics to be taught in high school again. You know, so kids understand basic finances and play it forward responsibly...

Liberals have pie in the sky ideas with absolutely no thought for future repercussions.

quote:

Originally posted by Icabod:

quote:

Originally posted by Bytes:

quote:

Originally posted by signewt:

quote:

forced to shutter its doors in January after nearly two centuries in business. The owners said they couldn't keep up with the wages and health care premium hikes.

this has got to be one hell of a story

My exact thoughts. A lot of stuff (wars, depressions, recessions, riots) happened over 200 years and a few progressives killed it over a very short period of time.

Recall eating there with my parents. Narrow staircase where you waited in line. Open fireplaces where meat was cooked. There was a tin ceiling, exposed wiring and they never took down the pipes for the gas lighting. While I don’t remember it, the waitstaff was encouraged to be “surly.”

It’s more then said to see such tradition and history lost.

Remember eating there on my only trip ever to Boston. The waitresses were more than surly and it was a hoot. Sorry to see it go. Economics trumps philosophy.

Seattle is one of the hotbeds for the $15.00 per hour wage. Truth is, you can only get the lowest quality employees for that amount.

(I know people making $19.00 per hour that have to live in public housing and are trying to get food stamps.)

Most of the businesses that are failing because of this are weak in the first place (Arbys). Businesses that can change have more business than they can handle.

V

Have you been to fast food places lately? All automated - hardly anyone working there. Like most other feel good legislation, its the unintended consequences that they never think of.

Its how to think like a progressive. It sounds good if we support making people pay higher minimum wage- great lets do that. But wait - now automation pays for itself faster and there are less jobs. Crap - unintended consequences..... Oh well - all they'll remember is we were for paying them more....

+

The local McDonalds around here NW Houston in the last year have all rolled out self ordering kiosks. I have tried it when the line gets crazy and it is a lot of clicks/touches but it works.

Then there is chick-fil-a with their mobile app that works great. I use that more to shorten the weight in line.

“Fight for $15” causing less demand for low skilled workers as economic would predict.

HK Ag

Prager has some compelling fairly short vids on the topic, if you can get someone to watch them.


Why the minimum wage shouldn't exist:


They have a bunch more, just search "Prager minimum wage"

quote:

Originally posted by stoic-one:
Well, well, well... Bank of America raising hourly minimum wage to $20

This is how you undercut competition in a high employment market.

https://www.tampabay.com/busin...wage-to-20-20190409/

When your business model is to reduce FTF transactions by eliminating locations, jobs and service you can pay $20 to the 1/4 of the staff you have now.

In my Area in the past few years there were 5 branches for BOA, now there are two and at those two the staff is significantly less than half of it's glory days.

Now there are only two active drive through locations and the teller serves both internal and external customers, alternating between them and causing long lines both inside and out.

Upon discussing this with the manager he said to reduce my wait I should do my banking online or at the outside electronic units of which they now have 3. Clueless that his bosses have trained him to instruct customers that his job isn't necessary to the company.

Nonetheless, when you continue to close facilities, minimize staff, they could offer
$50 an hour and it won't make a difference to the bottom line, the goal is to get as close to zero local facilities as possible.