re: The Real Fear of $15/hr Min Wage

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I don't get it. You live in one of the poorest states in the US. You will never be a millionaire, let alone a billionaire. Why do you want to help these a-holes that corrupt our politics and spend their time partying in the bahamas?

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Billionaires aren’t an enemy you can aim the govt at to punish. The govt, as you pointed out, is corrupt..rest assured whatever they do will benefit the billionaires more than you. Just like the policy mentioned in the OP. 15 dollar an hour min wage ain’t gonna bankrupt corporations and multinationals..but it might do so to mom and pop stores/restaurants/service businesses. Which will be replaced, if at all, with corporate owned chains.

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Another way to pay for UBI would be a wealth tax. It is estimated that $12k a year to every American would cost $3t. Bernie Sanders says his wealth tax (1% on every dollar earned over $32m and progressively increasing) would raise around $4.5T whilst a Wharton study found that it would raise around $3T. This would easily cover UBI. If What Sanders claims is correct then we'd have $1-1.5T left over this could returned to working and middle class americans through tax cuts.

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It's a tax on net worth not earning.

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15 dollar an hour min wage ain’t gonna bankrupt corporations and multinationals..but it might do so to mom and pop stores/restaurants/service businesses. Which will be replaced, if at all, with corporate owned chains.

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Multinationals will destroy mom and pop stores with or without a $15 minimum wage

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I guess the question is: how did they survive the last time the minimum wage increased?

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The last time it increased, it didn't double, I think it increased by 20%.

Day Care is going to get a lot more expensive.

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Multinationals will destroy mom and pop stores with or without a $15 minimum wage

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At this moment I can still choose locally owned restaurants and stores, it appears that Democrats are determined to end that as soon as possible. Literally every policy they propose hastens what you see as inevitable. We will, if they are given enough time, only have one or two choices for every need or want..and that choice will be owned by China.

Machinery will take over and people are going to lose their jobs

They will blame greedy capitalists when people get fired

They will harp about the wage gap and say that the answer is a higher minimum wage. The cycle will continue

Democrats are literally economic morons because they think the government is the engineer

I just posted this very basic grocery store example in another thread. It can be easily adapted to fit a restaurant, bar, hardware store, any local business:

The current minimum wage is 7.25. So here’s an example to help you understand:

I own a local grocery store.

I have 1 parking lot attendant- $8 per hour
3 cashiers - $10 per hour
1 customer service cashier - $12 per hour
1 floor manager- $15 per hour

A total of $65 per hour operating cost.

All of my employees are happy currently, I pay more than minimum wage to everyone, I’m generous with raises for those who stay a few years, and I have competitive pricing to the big stores and carry some local brands.

The government suddenly raised the minimum wage to $15.

Now suddenly I’m required to pay every single employee I have the managers rate. I can’t afford that, so here’s what I have to do just to keep my business a float:

Parking lot attendant: fired
1 cashier: fired
2 cashier: $15 per hour
1: customer service cashier: $15 an hour
1: Floor manager: $20 per hour

While that looks like raises on paper you have to view it in reality:

I fired two employees and the employees I kept actually got a pay decrease relative to minimum wage instead of the great money they were making and that hurts in the long run as the economy inflates to meet the difference.

In your perfect world I would fire no one and this would happen after the increase, considering relative value to minimum wage:

have 1 parking lot attendant- $16 per hour
3 cashiers - $20 per hour
1 customer service cashier - $25per hour
1 floor manager- $32 per hour

Now my operating costs went from $65 per hour to $133 per hour due to government imposed regulations and I’m somehow just supposed to eat a double in my operating costs? Most of not all small businesses are not operating on margins anywhere near that. But the big box stores can float it out.

So I either raise my prices and alienate my customers and eventually close due to the inability to compete with Walmart.

Or I fire 2 employees and effectively give everyone else a pay decrease.

Or I just close my store and find a new job somewhere. Probably as a manger at Walmart.

Or what usually happens and is terrible for communities is I fire all of my skilled labor and managers and just do those jobs myself. Now there is no room for raises or growth and I run a business full of minimum wage unskilled labor with no opportunity for improvement.

Have none of the proponents of minimum wage ever taken a basic economics class?

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I don't get it.

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WINNER!