THIS Is What Happened When Minimum Wage Was Hiked Over 20% To $14!
An individual's income is extremely important for the economy. Without good wages, people can’t save money. People can’t buy things. People need money and if they don’t have enough, that will show up in local businesses. But today, we are faced with a big dilemma: Governments are starting to forcefully raise people’s wages to a dramatic degree. The negative impact is felt instantly.
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Sources Used in This Video:
https://goo.gl/UpprQe
Tim Hortons franchises owned by children of founders reduce employee benefits to offset minimum wage hike | Financial Post
http://business.financialpost.com/news/retail-marketing/tim-hortons-franchisees-cut-back-staff-perks-after-minimum-wage-hike
Ontario's experiment with minimum wage could transform Canada's economy: Don Pittis - Business - CBC News
http://www.cbc.ca/news/business/minimum-wage-experiment-1.4473095
Tim Hortons franchises owned by children of founders reduce employee benefits to offset minimum wage hike | Financial Post
http://business.financialpost.com/news/retail-marketing/tim-hortons-franchisees-cut-back-staff-perks-after-minimum-wage-hike
Survival of the Fittest: The Impact of the Minimum Wage on Firm Exit by Dara Luca, Michael Luca :: SSRN
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2951110
Pension Funds’ Dilemma: What to Buy When Nothing Is Cheap? - WSJ
https://www.wsj.com/articles/pension-funds-dilemma-what-to-buy-when-nothing-is-cheap-1514808000
Venezuelans scour polluted river for lost treasure, survival
https://apnews.com/0b68f7fe146d441ba642f48c558e9301/Venezuelans-scour-polluted-river-for-lost-treasure,-survival
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What’s your opinion on minimum wage? Should there be a minimum wage? Should the government be able to decide what businesses pay their employees? Tell me what you think.
It’s very difficult to live on minimum wage these days that’s for sure. But instead of increasing that wage forcefully, I believe we should be looking at why things are so expensive. That’s what isn’t being addressed.
Increasing minimum wage is a tax hike in disguise. It will trigger wage / price hike all over and milk more tax revenue out of everyone while the seeming more wages would purchase less than before the rise. If the government is serious (not lying) about increasing people's well being through purchasing power why not just cut tax by the same amount via a tax credit.
It should be what it says: the minimum to live at today’s standard of living. The local and state govt have a better grasp on wage levels than the fed so it should be what has been going on. In regards to the example that’s a nasty company. Tim Hortons CEOs and higher ups get how much in salary and bonus? Vs the lower end worker. I understand a business is to make profit not loss but when you refuse to raise wages because of losing out on millions in back pay essentially for the workers who keep the company going but keep raising how much the heads office makes is bad business. This also can be a discussion on unions the established and just emerging and the corruption that’s been going on there and franchises. It’s not one solution now because it’s so late to seriously talk about but not too late.
Problem is at some point the jobs will be lost to machines, if this number keep going up. The benefit goes to the company selling ordering kiosk like those found at McDonald's or cooking robots etc while the poor they try to "help" will be out of a job. Minimum wage is an inflation tax grab and usually destroy jobs, as a net result people will be out of work, those still have a job wil pay more taxes and lose purchasing power.
It’s a circle jerk for sure. Some tax hikes are a result of needed revenue from inflation. But there really isn’t an alternative other than getting rid of taxation all together. At the rate govs require capital/debt to survive right now what other resource do they have? Very few opperate their own utilities anymore. Arenas never get money back anymore. Few have leases that provide more than pocket change to their budgets. The reality is yet you make more money and you get taxed more but there really isn’t another option to drag these people up to living wages. The corporations certainly aren’t doing it. Neither are the growing unions. And let’s be honest. People making 11hror equivolant salary most likely get a refund at the end of the year and are being forced into paying into the safety nets they will most likely use. The govt as it’s structured today is not meant to bring people up/give boosts on the economic ladder it’s structure keeps people contained or lowers them. Only the savy are able to see this and understand. That’s why you see welfare people in Cadillac’s or McMansions. That is why there is no “middle class”
The real solution is to cut government and taxes, but it will be politically unpopular because over the years people has accepted the lie that gov can magically produce wealth when in fact gov produce nothing and is a drain to everyone's wealth and prosperity.
Safety net is another debatable term when in fact it does not deliver. The next generation is unlikely to get any meaningful gov. ponzi pension. Health insurance is just a way to "hide" actual price inflation in Medical costs.
If it is indeed insurance why can't people opt out and there is no competition. Gov produce nothing and there is no free lunch. The bigger the government the more economic waste. All these debt ran up by politicians will come crashing down and I hope those voted for more spending will one day realize what they have done. Ontarians are 22k each in the hole and this number is growing fast see http://www.debtclock.ca/provincial-debtclocks/ontario/ontario-s-debt/
The only way out is to wipe it all out And unfortunately that’s not going to happen willingly ever. Think Depression 5.0 because if lifestyle changes from Depression 1.
Entrepreneurs and executive leadership have a choice to pay employees higher wages. Whether there is a floor or not, the economics will work itself out. The problem is in the special interest groups disguising themselves as interest groups, when really they are funded by wealthy fat cats who don't care about humanity.
Agreed. The free markets should determine the minimum wage, not some government mandate.
Absolutely. It would be nice to have a massive wage for everyone but who am I to say what is "fair"? Nobody or no institution can decide that.
It's either we the people or they the corporation. There is no free market.
Remember Feudalism? That's the free market. You pay your EMPLOYERS to work for them.
Yes once you understand capitalism and Ayn Rand it provides lots of clarity. Raising wages prevents young people from getting entry jobs as no one wants to pay them $15/hr with no skills. My sister is seeing issues at Sobey's where they cut hours, cut staff, then higher ups got mad because they were making more than min wage and now they want a raise as well.
Thank you for your input. Exactly! Do businesses just increase everyone's salary by 20%? It doesn't make sense.