The problem with this argument is that you can use it to justify abolishing minimum wage all together. Minimum wage has been around for so long (1938) that no one longer remembers what it was like without it. Pick up a history book, and you can see it was bad.
If you don't raise the minimum wage enough to keep up with inflation and standard of living, it's the same as not having a minimum wage in the first place.
No matter how wrong or disproven, there will always be an argument out there claiming the opposite view. You have to look at who benefits from a $15 minimum wage and who doesn't.
Who benefits from $15/h? The poor and dependents.
Who benefits from lower wages? The rich and small business owners.
Which one of these groups has the resources to spread false economic information to make a profit? It really is that simple. Capitalism is predictable.
The only valid point that video brings up is automation. Technology is the reason why unskilled labor remains so cheap. If you raise wages, machines take the jobs.
I have news: we want machines doing all the shit work. We can create food, shelter, and infrastructure with little need for human labor these days. The problem is finding jobs for the displaced workers (if you make the argument that they even need a job). The conservative stance is simply to pay them less. This is a band-aid solution that won't work in the future as technology advances.
Bottom line: $15 an hour wages are also a band-aid solution, as are so many other economic policies like Social Security. The global economy has been on borrowed time for quite some time and a collapse is unavoidable. The 2008 financial crisis was just a little taste. That's why I'm here collecting crypto and trying to be a part of a new economy.
Minimum wage has been around for so long (1938) that no one longer remembers what it was like without it. Pick up a history book, and you can see it was bad.
What you know from a history book is century old information about USA. Take a look at many countries that have no such thing as a minimum wage. Some of these countries are much better off that USA or they have seen massive economic growth and increase of the standards of living.
Chile
Monaco
Norway
Singapore
Taiwan
Some other well off countries with very low minimum wage which is actually tend to be lower than the market rate (meaning employers would have a hard time fining anyone to work if they were only paying the minimum wage - Which means minimum wage isn't doing much help to begin with)
You cannot conclusively link higher minimum wages with improved standards of living.
Who benefits from lower wages?
Businesses + Everyone who buys stuff who end up paying less. The poor won't benefit much from lower wages to those who work on luxury brands. But in many cases everyone would benefit. Minimum wage actually hurt small businesses far more than large multi-billion dollar companies like McDonald and Walmart.
The problem with this argument is that you can use it to justify abolishing minimum wage all together. Minimum wage has been around for so long (1938) that no one longer remembers what it was like without it. Pick up a history book, and you can see it was bad.
If you don't raise the minimum wage enough to keep up with inflation and standard of living, it's the same as not having a minimum wage in the first place.
No matter how wrong or disproven, there will always be an argument out there claiming the opposite view. You have to look at who benefits from a $15 minimum wage and who doesn't.
Who benefits from $15/h? The poor and dependents.
Who benefits from lower wages? The rich and small business owners.
Which one of these groups has the resources to spread false economic information to make a profit? It really is that simple. Capitalism is predictable.
The only valid point that video brings up is automation. Technology is the reason why unskilled labor remains so cheap. If you raise wages, machines take the jobs.
I have news: we want machines doing all the shit work. We can create food, shelter, and infrastructure with little need for human labor these days. The problem is finding jobs for the displaced workers (if you make the argument that they even need a job). The conservative stance is simply to pay them less. This is a band-aid solution that won't work in the future as technology advances.
Bottom line: $15 an hour wages are also a band-aid solution, as are so many other economic policies like Social Security. The global economy has been on borrowed time for quite some time and a collapse is unavoidable. The 2008 financial crisis was just a little taste. That's why I'm here collecting crypto and trying to be a part of a new economy.
What you know from a history book is century old information about USA. Take a look at many countries that have no such thing as a minimum wage. Some of these countries are much better off that USA or they have seen massive economic growth and increase of the standards of living.
Chile
Monaco
Norway
Singapore
Taiwan
Some other well off countries with very low minimum wage which is actually tend to be lower than the market rate (meaning employers would have a hard time fining anyone to work if they were only paying the minimum wage - Which means minimum wage isn't doing much help to begin with)
Estonia
Georgia
Hong Kong
South Korea
Source: https://www.minimum-wage.org/international
You cannot conclusively link higher minimum wages with improved standards of living.
Businesses + Everyone who buys stuff who end up paying less. The poor won't benefit much from lower wages to those who work on luxury brands. But in many cases everyone would benefit. Minimum wage actually hurt small businesses far more than large multi-billion dollar companies like McDonald and Walmart.