You’re aware you’re talking about a 30% pay increase overnight?
For fast food workers in major chains. Sure.
Here’s what happens: Overnight inflation and higher interest rates. Why? Once that’s the standard, the economy will raise their prices too. That includes housing and food. . All this stuff is relative.
The pay increase isn't across the board for all industries. If it were then maybe we'd see the type of inflation you're taking about. Businesses still need to compete with other businesses when it comes to price points.
The only businesses that may feel pressure competing for the same unskilled labor market in california will be businesses offering lower pay. And even then the number of positions at these fast food chains are finite. The concept of businesses paying more than others for the same position isn't new and it hasn't forced competitors to pay the same.
Regardless, inflation happens whether or not minimum wages get raised. Over the last 40 years we've seen that stock buybacks have had a larger impact on inflation than minimum wage and it's not even close since it massively enriches the top 1% while decreasing the pay for laborers (with respect to inflation, also, thanks Reagan). A worker making $20/hr won't effect the housing market anywhere as much as a single person worth $100 million+ will.
If McD’s worker is getting $20/hour more skilled hourly laborers like RNs are going to want $50/hr. Now, healthcare costs skyrocket. Salaried employees will negotiate higher salaries because they don’t want to be too close in income to low skilled workers.
Larbor market pressure doesn't work like that.
And before we even run away with a bad assumption of healthcare collapsing, it should be stated that RNs in california make between $78k-$170K. $20/hr McDs workers aren't competing with them in anything.
With that out of the way, Labor market pressure doesn't work like that. Employers in whole different sectors who pay above $20/hr won't offer increases just because McDs does. Their pay will be dictated by the available talent in their local labor pool. You'd be better off trying to use teachers as an example since their starting pay is $48k in Cali and even then they make $8k more then what McDs would pay. And even then I doubt you'd see Teachers leaving since they can make up to $90K and they get summers off.
I won’t get expansive but this is for votes. They can’t change capitalism so will he enforce communism?
Communism?!?! As in Supply side jesus' natural enemy?!?!?
I mean if they reduced salaries across the board to where doctors made $20/hr then yeah I'd be with you.
This is a bit of knee jerk reaction.
Which brings me back to the original reason I quoted you.
You posted a video of a McDs fight to denigrate the idea of their employees making $20/hour. The purpose of my response was to point out that if those positions pay more than mom and pop shops, then it is likely that you'll see less of that since these same unskilled workers will want to keep their jobs since the consequence of throwing hands with customers will mean they'll be taking a pay cut at sal's pizzeria.
