{"id":78348,"date":"2021-06-15T06:00:00","date_gmt":"2021-06-15T11:00:00","guid":{"rendered":"http:\/\/www.shotinthedark.info\/wp\/?p=78348"},"modified":"2021-06-14T07:24:48","modified_gmt":"2021-06-14T12:24:48","slug":"begging-for-a-catastophe","status":"publish","type":"post","link":"http:\/\/www.shotinthedark.info\/wp\/?p=78348","title":{"rendered":"Begging For A Catastophe"},"content":{"rendered":"\n<p>I can see why the likes of Tide Pod Evita and Ilhan Omar prate and gabble on about minimum wage increase.  It&#8217;ll never cost any of them anything. <\/p>\n\n\n\n<p>But when I hear Gen-Y and younger people yapping about it, I am almost tempted to ask &#8211; have any of you actually thought about this&#8230;<\/p>\n\n\n\n<p>&#8230;and then I remember.- nobody&#8217;s taught critical thought in decades.  It&#8217;s why the Democrats bounced back after the nineties.  <\/p>\n\n\n\n<p>Anyway &#8211; it turns out the actual economy obeys that most basic Econ101 principle &#8211; <em>you can not make someone pay more or less for something than they would naturally pay for it without having consequences<\/em>.  <\/p>\n\n\n\n<p><a href=\"https:\/\/www.aei.org\/carpe-diem\/who-d-a-thunk-it-mandated-minimum-wage-increases-have-adverse-effects-and-lead-to-lower-compensation\/\">Because it&#8217;s true<\/a>:<\/p>\n\n\n\n<p>From an article that one long pullquote after another:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>Some new research \u2014 \u201c<a rel=\"noreferrer noopener\" href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3863757&amp;download=yes\" target=\"_blank\">Evidence of The Unintended Labor Scheduling Implications of The Minimum Wages<\/a>\u201d \u2014 shows that every $1 an hour increase in government-mandated minimum wages (\u201cpolitical wage-setting\u201d) leads to the following (mostly) adverse outcomes:<\/p><\/blockquote>\n\n\n\n<p>And those outcomes includew:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>a 27%\u00a0<em>increase\u00a0<\/em>in the total number of workers scheduled to work each week <\/li><li>a 20.8%\u00a0<em>decrease<\/em>\u00a0in the average number of hours each employee worked per week<\/li><li>a 13.6%\u00a0<em>decrease\u00a0<\/em>in the total wage compensation of an average minimum wage worker<\/li><li>a 23%\u00a0<em>decrease<\/em>\u00a0in the percentage of employees working more than 20 hours per week (making them eligible for retirement benefits)<\/li><li>a 14.9%\u00a0<em>decrease<\/em>\u00a0in the percentage of employees working more than 30 hours per week (making them eligible for health care benefits)<\/li><li>a 33%\u00a0<em>increase<\/em>\u00a0in fluctuations in the number of hours worked per week<\/li><li>a 9.5%\u00a0<em>increase<\/em>\u00a0in fluctuations in the number of hours worked per day<\/li><li>a 9.8%\u00a0<em>increase<\/em>\u00a0in fluctuations of shift start times and<\/li><li>average\u00a0<em>net losses<\/em>\u00a0of at least $1,590 per year per employee, equivalent to 11.6% of workers\u2019 total compensation (assuming that workers were able to use their reduced hours to work a second job \u2014 an assumption which may not hold true for many employees).<\/li><\/ul>\n\n\n\n<p>It might be tempting to say &#8220;people who advocate for higher minimum wages are <em>trying<\/em> to make the poor poorer and more dependent&#8221;. <\/p>\n\n\n\n<p>And I&#8221;m mat a loss for why they&#8217;d be wrong. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>I can see why the likes of Tide Pod Evita and Ilhan Omar prate and gabble on about minimum wage increase. It&#8217;ll never cost any of them anything. But when I hear Gen-Y and younger people yapping about it, I am almost tempted to ask &#8211; have any of you actually thought about this&#8230; &#8230;and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57],"tags":[],"class_list":["post-78348","post","type-post","status-publish","format-standard","hentry","category-economy-and-the-market"],"_links":{"self":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/78348","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=78348"}],"version-history":[{"count":1,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/78348\/revisions"}],"predecessor-version":[{"id":78349,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/78348\/revisions\/78349"}],"wp:attachment":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=78348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=78348"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=78348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}