Amazing news. Hopefully will lead to less exploitation and less poverty
The higher mandatory wages go the less people will have a job.
The quality of a peron’s work has to match the salary. If a person’s work is worth $10 and a company must pay $16, it will not be worth hiring the person so they won’t have a job.
Also run the risk of as mandatory salaries goes up, current employees will be laid off to pay the ones that small companies can still afford to keep on staff.
A company shouldn’t exist if the value of the world they depend on to exist is valued at less than a person can live on.
It’s predatory. I guarantee you if doordash goes out of business because of this a different app will pop up, probably with different ideas or a new way of thinking that they can be profitable from while paying the higher wages.
Interesting.
Do you have some sources you can cite to back up these claims? I’d love to read an accredited source for how an employee being paid more would damage an employer beyond the means of maintaining their business and why it’s ethical to maintain a business that only survives off exploiting cheap labor?
A much serendipitous coincidence: one of the economists that won the Economics Nobel Prize
for pioneering research that showed an increase in minimum wage does not lead to less hiring and immigrants do not lower pay for native-born workers, challenging commonly held ideas
is Canadian!
If a minimum wage better matched with the cost of living, people wouldn’t need to have multiple jobs, thus the reduction of openings wouldn’t put too many people out of work.
As wages go higher for everybody, inflation costs goes up and pay higher costs for living.
As dividends and share buy backs go higher for every investor, inflation costs goes up and everyone pays higher costs of living
FTFY
Ah the unending cycle of capitalism. Neverending growth can never fail.
Yup I’m over 6 figures and I feel poor
Yes, there are some counterpoints to minimum wage increases. That’s one of them: raising the bar for employability, which also raises the bar on business viability, both of which might ultimately decrease the job pool size. I think it’s a reasonable counterpoint. Inflation is another one.
On the other hand I think at this point most economies are in agreement that minimum wage increases above inflation are a necessity and that gig economy workers need some of that protection as well given we don’t have a well stablished legal framework for them. Because this is gig work, it doesn’t make sense to speak of layoffs. But one could expect a price increase passed on to consumers, which could lead to lower demand, therefore a risk of lower income for workers long-term; but it’s factored in and it’s a good experiment on the trade-off.
Let’s just make minimum wage 100k a year. Problem solved. Right?