[Poll] Minimum Wage

[irvinehomeowner]

Not sure if we ever had a dedicated discussion about this and too lazy to search. If we have... then I'll need that new Alzheimer's medication.

What spurred this was the news I heard today where LA workers are demanding $25 minimum and $30 by 2030(?).

This is the morekaos in me but I don't really want to raise minimum wage... actually... I don't even believe in minimum wage. I know that sounds apathetic but I'm a big believer in experience and performance will define compensation.

 

[qwerty]

All businesses price things based on their costs. If the costs go up the prices go up if they want to keep the same profitability.

If they want to accept lower profitability then they won’t raise prices.

Sometimes the market will force lower profitability on you because customers don’t see the benefit in the higher prices which is what you are seeing with fast food.

If your costs go up and you increase your prices and customers go away then the business can go away altogether as well. Which we also saw with some fast food restaurants.

 

[irvinehomeowner]

I'm surprised there are so many No votes.

 

[nosuchreality]

I’m jaded. If the job you’re offering cannot be performed by a one day random temp worker, it should provide enough compensation to cover 1/20th of a months efficiency rent, food and other living costs.

Anything else and you are externalizing costs onto society and I don’t want to buy your stuff and shouldn’t pay for it.

Now granted, in Irvine, that means minimum wage for a non temp worker would be about $50/hr. Going to really cut down on the Starbucks and fast casual restaurants.

As for the market deciding, 5-10 years, the market will be experiencing a glut in a whole lot of skills.

 

[Liar Loan]

I’m jaded. If the job you’re offering cannot be performed by a one day random temp worker, it should provide enough compensation to cover 1/20th of a months efficiency rent, food and other living costs.

Rent, food, and other living costs go up as the result of the higher minimum wage though. If landlords know people can afford more rent, they will raise rents. If the producers of life's necessities need to pay higher wages, they will raise prices to stay afloat. Then the ratio is broken almost immediately and you are right back to figuring out how to compensate people enough to cover "1/20th of a months efficiency".