Opinion: Increasing the minimum wage comes at too high a price for workers | CNN
Opinion: Increasing the minimum wage comes at too high a price for workers | CNN
More money in the pockets of entry-level workers sounds great, but Rachel Greszler of the conservative Heritage Foundation argues that such workers, and the economy writ large, are hurt more than helped by increases in the minimum wage.
What a load of corporate cock sucking drivel...
Rising wages are a great thing when they are the natural result of workers becoming more productive
Oh yeah, I agree, a great thing, but then why
From 1979 to 2020, net productivity rose 61.8%, while the hourly pay of typical workers grew far slower—increasing only 17.5% over four decades (after adjusting for inflation https://www.epi.org/productivity-pay-gap/
Well I guess because
Starting in the late 1970s policymakers began dismantling all the policy bulwarks helping to ensure that typical workers’ wages grew with productivity. Excess unemployment was tolerated to keep any chance of inflation in check. Raises in the federal minimum wage became smaller and rarer. Labor law failed to keep pace with growing employer hostility toward unions. Tax rates on top incomes were lowered. And anti-worker deregulatory pushes—from the deregulation of the trucking and airline industries to the retreat of anti-trust policy to the dismantling of financial regulations and more—succeeded again and again. https://www.epi.org/productivity-pay-gap/
But, but, who could have pushed for these policies that deliberately devalued labor in America and reduced workers rights?
The Heritage Foundation, sometimes referred to simply as "Heritage,"[1][2] is an activist American conservative think tank based in Washington, D.C. Founded in 1973, it took a leading role in the conservative movement in the 1980s during the presidency of Ronald Reagan, whose policies were taken from Heritage Foundation studies https://en.m.wikipedia.org/wiki/The_Heritage_Foundation
So rising wages are a great thing when it's the natural result of more productivity, but the heritage foundation has spent the last 40 years making sure that wages don't naturally keep pace.
Now the heritage foundation is trying to convince you that workers are better off with lower wages, happier when they can't afford healthcare or pay rent, and more fulfilled when they work two jobs but are always on the brink of homelessness. Don't be fooled.
This is the best summary I could come up with:
Editor’s Note: Rachel Greszler is a senior research fellow in workforce and public finance at the Roe Institute at The Heritage Foundation, a conservative thinktank in Washington, DC.
She is also a visiting fellow in workforce at the Economic Policy Innovation Center, a pro-growth research group that advocates for less government intervention.
Across the country, some of the hardest hit among the millions of people impacted by job losses or reduced hours following minimum wage increases are fast-food workers.
Pay increases that result from government mandates can eliminate entry-level job opportunities and lead to a cascade of other unintended consequences.
In short, high minimum-wage laws cut off the bottom rung of the career ladder, effectively pricing the least-advantaged workers out of employment.
In South Carolina, researchers found that the most recent minimum wage hike reduced employment by 8.9% for teens, and by 15.5% for workers with less than a high school diploma.
The original article contains 1,123 words, the summary contains 150 words. Saved 87%. I'm a bot and I'm open source!
This had to be an opinion piece because it's not supported by data.
@wintermute_oregon Well, who could have guessed that this would be the result?? Utterly shocking!! Nobody predicted this!!