Anonymous #2 12w

For real, the downvotes are crazy.

-4

Anonymous #4 12w

https://gspp.berkeley.edu/research-and-impact/publications/the-pass-through-of-minimum-wages-into-us-retail-prices-evidence-from-supermarket-scanner-data

-4

Anonymous #4 12w

It won’t improve it though… there’s a 0.36% increase in the price of goods for every 10% of minimum wage increase. Do some research

-3

Anonymous #4 12w

Other countries use gradual annual changes carefully designed to match inflation rates. Increasing it as fast as Mamdani wants to WILL cause issues. That doesn’t mean it shouldn’t be raised at all and he should continue pushing for wage improvements, but his current goal will cause a massive spike in goods that would probably drive voters away from voting for progressives in the future

2

Anonymous #4 12w

I’m by no means opposed to improving conditions for the middle class, however to keep the economy stable, this is how it goes. That’s why prices are so high compared to the 70s-80s. As wages increased, so did inflation on goods.

-1

Anonymous #5 12w

Precisely!! This is perfect explanation.

-1

Anonymous OP 12w

I have, dumbass. If you actually read the broader literature, you'd know there are likely pros and cons, and that it's easy to cherry pick studies to fit your narrative, e.g., Lemos, 2008. J. Econ. Surveys.

1

Anonymous #5 12w

If a 10% min wage increase leads to a 0.36% increase in prices… that sounds like a perfectly fine trade off

2

Anonymous .gaia. 12w

But Mamdani is proposing an 82% increase. We don’t even have data to know how much that would impact prices, but at the minimum it would be 3% increase on groceries on top of current inflation and 5.6% increase on restaurant on top current inflation (lots of New Yorkers rely on restaurants due to apartment kitchen size). It seems small, but remember when year over year inflation was those numbers and everyone was freaking out?

2

Anonymous .gaia. 12w

IMO a 10% increase from the current rate over the next 8 years would be much more stable way to raise the minimum wage instead of 80% increase in less than 5

1

Anonymous #5 12w

I mean then I propose price or profit caps

5

Anonymous .gaia. 12w

I’m not against profit caps either. Those are just damn near impossible to pass so we should make sure we are still safeguarding our wages based on the caps not existing (yet)

0