Not to mention if their minimum wage hikes go through, the cost of goods will go up while all non-minimum wage salaries stay the same, essentially making people working in real jobs poorer.
Honestly, I don't think a minimum wage hike is going to do anything. Lowest wage I've seen is $10 /hr with commission. No one is offering $7.50 /hr because there's such a labor shortage that they have to raise wages.
Thing is, the only way those wages are going to raise is through competition, and businesses potentially closing because they literally can't fill positions. Normally, that would be okay to workers, but the labor force participation is way too low. And I don't know if you've seen the quality of the low level people who are prepared to participate in the economy, but it's pretty shit tier. There are, somehow, still a ton of people who left work in 2019 and still haven't come back. Likely because those people are still being supported by the welfare state, and aren't willing to work 40 hours a week for $15 /hr, when they could be paid the equivalent of $12 /hr to do whatever they feel like.
This means that wages will rise, but only after more people have to quit their jobs and go to other places because the financial pressures on them are so heavy. Worse, no one will be able to replace the jobs they leave. Wages might raise, but the abnormal trade-off here is that business will close before anyone will replace them.
Yes, wages will raise, but they won't raise in time with inflation, and it won't help that a huge swathe of the population aren't employed anyway.
Not to mention if their minimum wage hikes go through, the cost of goods will go up while all non-minimum wage salaries stay the same, essentially making people working in real jobs poorer.
Honestly, I don't think a minimum wage hike is going to do anything. Lowest wage I've seen is $10 /hr with commission. No one is offering $7.50 /hr because there's such a labor shortage that they have to raise wages.
Thing is, the only way those wages are going to raise is through competition, and businesses potentially closing because they literally can't fill positions. Normally, that would be okay to workers, but the labor force participation is way too low. And I don't know if you've seen the quality of the low level people who are prepared to participate in the economy, but it's pretty shit tier. There are, somehow, still a ton of people who left work in 2019 and still haven't come back. Likely because those people are still being supported by the welfare state, and aren't willing to work 40 hours a week for $15 /hr, when they could be paid the equivalent of $12 /hr to do whatever they feel like.
This means that wages will rise, but only after more people have to quit their jobs and go to other places because the financial pressures on them are so heavy. Worse, no one will be able to replace the jobs they leave. Wages might raise, but the abnormal trade-off here is that business will close before anyone will replace them.
Yes, wages will raise, but they won't raise in time with inflation, and it won't help that a huge swathe of the population aren't employed anyway.