|
New York Moves Closer To Raise Min. Wage to $15/hour & PAID FAMILY LEAVE
| Posted By |
Message |
| Pages: 1 [2] |
bunnyluck
LIF Adult
Member since 1/14 3196 total posts
Name:
|
Re: New York Moves Closer To Raise Min. Wage to $15/hour & PAID FAMILY LEAVE
Posted by JennP
Posted by Katareen
Posted by JennP
Also, there is another side to the "basic economics" argument - raising the minimum wage also puts money right back into the economy through increased spending. The poor always spend any extra that comes their way for obvious reasons. That extra goes directly back in the pockets of businesses. You can't ignore that side of the equation.
Yes, but it won't be spent at a small business. Most likely a Target, Walmart, or big chain grocery store.
I'm sure some of it will, but not necessarily all of it.
I'm thinking of the mom who can afford a birthday party for her child for the first time and hires the local entertainment company.
Or the person without good transportation who shops within walking distance.
For the latter point, I see that a lot where I work in Brooklyn. My students who are mothers buy diapers at the corner store. The urban poor can't always get to target, walmart, etc. at least not conveniently.
If I had more time I would look for a study on this because I'm sure one is out there....although maybe not, since minimum wage has been so slow to rise!
Agree it likely will lead to more spending - but a key element is the cost of labor rises (all around - not just the store but also the manufacturers (if based in NY) thus leading to increased cost of goods which is almost ALWAYS passed to the consumer. So yes, more money in, more money out, some going to local business some to big chains, but theoretically you are getting less goods for your money.
|
Posted 4/4/16 12:09 PM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource |
JennP
LIF Adult
Member since 10/06 3986 total posts
Name:
Jenn
|
Re: New York Moves Closer To Raise Min. Wage to $15/hour & PAID FAMILY LEAVE
Posted by bunnyluck
Posted by JennP
Posted by Katareen
Posted by JennP
Also, there is another side to the "basic economics" argument - raising the minimum wage also puts money right back into the economy through increased spending. The poor always spend any extra that comes their way for obvious reasons. That extra goes directly back in the pockets of businesses. You can't ignore that side of the equation.
Yes, but it won't be spent at a small business. Most likely a Target, Walmart, or big chain grocery store.
I'm sure some of it will, but not necessarily all of it.
I'm thinking of the mom who can afford a birthday party for her child for the first time and hires the local entertainment company.
Or the person without good transportation who shops within walking distance.
For the latter point, I see that a lot where I work in Brooklyn. My students who are mothers buy diapers at the corner store. The urban poor can't always get to target, walmart, etc. at least not conveniently.
If I had more time I would look for a study on this because I'm sure one is out there....although maybe not, since minimum wage has been so slow to rise!
Agree it likely will lead to more spending - but a key element is the cost of labor rises (all around - not just the store but also the manufacturers (if based in NY) thus leading to increased cost of goods which is almost ALWAYS passed to the consumer. So yes, more money in, more money out, some going to local business some to big chains, but theoretically you are getting less goods for your money.
You also have to factor in the supply side of things.
With more employees should come better service, increased production, and/or more innovation.
The bottom line is that there are many variables at play.
|
| Posted 4/4/16 12:17 PM |
| |
|
| Pages: 1 [2] |
Potentially Related Topics:
Currently 822806 users on the LIFamilies.com Chat
|
Long Island Bridal Shows
|
