Comment by nox101
20 days ago
You're ignoring all the people that lost their jobs and had their hours shortened. If 1000 people earn minimum wage, raising it, some of them make more money, some lose money because their hours are shortened, some lose money because the jobs disappear. Whether that's a net positive overall is what's debated.
>You're ignoring all the people that lost their jobs
Because Dube, Lester, Reich says that they don't exist. Businesses pay for almost all hikes by dipping into their profit margins. A small % raise prices. A negligible number let people go.
Is there no truth to the California fast food restaurant closure wave I heard about when they raised fast food minimum wage to $20/hour?
It’s not really clear. First, a lot of the criticism that restaurants are closing are from restaurants that would have closed anyway [1].
> The biggest expense Rubio’s has been facing is debt — a burden that has grown since the chain was acquired in 2010 by the private equity firm Mill Road Capital
There’s an argument to be made that maybe the number of jobs in the fast food sector has decreased. But that’s also a myopic view since we need to know the labor situation statewide. Someone not in a fast food job might have found employment elsewhere which isn’t a bad thing, especially since the workers who do have those jobs are being paid a livable wage.
https://www.latimes.com/business/story/2024-06-12/the-fast-f...