Nope it's in local currencies. That's why the French are using dollars and the U.S. number hasn't moved
Living wage advocates, how are restaruant owners supposed to deal with being squeezed like this?
- Thread starter Camile.Bidan
- Start date
Nope it's in local currencies. That's why the French are using dollars and the U.S. number hasn't moved
88m3
Fast Money & Foreign Objects
I've looked at this shyt for over a decade
Wage increases hurt businesses with small margins in the immediacy. Its akin to cutting off credit for many businesses.
NO.
I never understood the argument that wages would go up once prices went up. How are those, or how have they ever, been linked?
Wages have stagnated possibly due to ingrained cultures and numerical psychology of base 10 decimal systems that view 100K as some ideological boundary. I've always wondered if this was the case.
But there are different reasons for this.
But the price issue I thought was due to inflation and changes in global markets.
Are you really this daft?
You can't use a direct numerical comparison of local currencies to determine the parity of each currency across the board
You tried to say this shyt like you knew something
The purchasing power of each currency differs so just using numerical comparison of wages is NOT a valuable comparison. Theres no standard!
This gets better and better.
Check the little the sign next to the numbers on the chart trooper. You'll get there, I promise.
You're not getting it
You can't compare local currencies.
You have to compare the purchasing power of each currency.
$18 in Australia is not $18 in the US worth of goods and services.
Broke Wave
The GOAT
Minimum Wages and Employment: A Case Study of the Fast Food Industry in New Jersey and Pennsylvania For example
And actually , minimum wages have gone way down over the years if you of course adjust for inflation. 7.25 today is much lower than it was when it was instituted. Adjusted for inflation it should be 10.25.
Broke Wave
The GOAT
Why are you appealing to authority? I didnt mention that I majored in economics... And since I brough out the evidence its your turn buddy.I've looked at this shyt for over a decade
Wage increases hurt businesses with small margins in the immediacy. Its akin to cutting off credit for many businesses.
This is YOUR chart and its still ineffective!
The MW does not relate to the cost of goods locally.
Just changing the conversion rate doesn't address the purchasing power!
Australia is a more expensive place to live!
You're not getting it
You can't compare local currencies.
You have to compare the purchasing power of each currency.
$18 in Australia is not $18 in the US worth of goods and services.
This is YOUR chart and its still ineffective!
The MW does not relate to the cost of goods locally.
Just changing the conversion rate doesn't address the purchasing power!
Australia is a more expensive place to live!
Just to be clear, you're the guy that argued with me for 5 pages that minimum wage shouldn't be tied to inflation because it had nothing to do with purchasing power or cost of living correct?
1. http://econweb.tamu.edu/jmeer/Meer_West_Minimum_Wage.pdf
2. I'll throw this in there. AT BEST, theres no conclusion on if it does or does not: www.washingtonpost.com/news/wonkblog/wp/2013/02/14/why-economists-are-so-puzzled-by-the-minimum-wage/
Not entirely true.
I said the formula for the PEG itself was never elucidated and needed changes with more advanced calculations in a 50s america versus 2015.
It's not that wages should go up once prices go up, it's that wages are being artificially held down to create greater returns for execs and shareholders who then use their increased profits to speculate on basic essential things like housing which in turn drives the cost up.
Productivity is up, wages are flat, and the people at the top are taking a larger slice of the pie while paying less in taxes.
I agree/understand this.
But raising the MW isn't going to help people who qualify for MW jobs.
Raising MW exorbitantly isn't something thats going to affect people who don't make MW.
I support a MW increase, but $15 is too high IMO.
Broke Wave
The GOAT
I know you didnt read that study, but I actually just did. And it actually supports my conclusions. It doesnt make the link between minimum wage increase and prices. It examines the relationship between employment and minimum wage but takes into account the economic downturns. You posted a study that makes my argument...
oh so now economic downturns have to be factored in
I can't argue with politically driven economists
This shyt is futile.
I just really wonder if ya'll care about these people on MW as much as ya'll care to. Because the thing thats worse than MW is not having a job