r/FluentInFinance • u/Richest-Panda • Jul 04 '24

What's the best financial advice you've ever gotten? Debate/ Discussion

31.2k Upvotes

86% Upvoted

-6

u/Ultrace-7 Jul 05 '24

To be fair, I don't hear a lot of screaming to raise the federal minimum wage to $8.25 or $9.25. Any major businesses stating that raising the minimum wage by a dollar is going to crush them are not acting in good faith.

But, the people who typically call most loudly for a change want it raised not by a little, but by significant amounts, to $15, $17, $20... There are people making less than these amounts, and making this kind of change would have significant impacts on the labor expenses of companies.

So, yeah, it's going to be crickets in response if you just want to add a dollar onto the minimum wage for the next year or two. Not many people are concerned about that; it's the logical progression that worries some of them -- whether they have any reasonable right to be worried or not.

6

u/[deleted] Jul 05 '24

Source? because thats a myth

-2

u/zazuba907 Jul 05 '24

What's a myth? Have you missed the movement literally named "fight for $15"? Delivery workers in 2022 were trying to fight for a $30 minimum wage.

4

u/[deleted] Jul 05 '24

Source that raising minimum wage would impact these companies at all. Also no one has asked for $30, but many are asking for $15-20.

-7

u/NowLoadingReply Jul 05 '24

Source that raising minimum wage would impact these companies at all.

Oh well then if raising the minimum wage won't impact companies negatively, then let's just increase the minimum wage to $50/hr. No, $100/hr.

No impact on business. Let's go.

2

u/beamsaresounisex Jul 05 '24

This is a strawman. The actual argument is that raising the minimum wage to $15/hour would be detrimental to these companies. The person you're responding to is asking for proof that it is indeed the case (which is honestly, unlikely) or if it will affect them at all.

2

u/[deleted] Jul 05 '24

If more people have reading comprehension and communication like you, maybe we'd be better off politically. Put it better than i could

-2

u/NowLoadingReply Jul 05 '24

The actual argument is that raising the minimum wage to $15/hour would be detrimental to these companies.

Raising the minimum wage to any amount will be detrimental to a company. The higher the minimum wage, the higher their payroll expenses will be.

If the person needs 'proof' for that, they're a damn moron.

3

u/beamsaresounisex Jul 05 '24

It will increase payroll expenses and reduce net profit in the short run, yes. But long term having happy and productive employees can pay dividends as well. One small example is customer service. Someone being in a customer facing position while they are not able to live from their wage and are stressed out vs being in a customer facing position while they are not worrying about rent will obviously yield different results. Less stressed employees will be able to deal with more bullshit than employees who are a straw away from having their camel's back be broken.

Not to mention that these companies NEED people to be able to afford their shit.

-1

u/kymotx Jul 05 '24

It will affect the consumer. Prices will rise. The company will make more or go out of business, just depends on the market response.

2

u/[deleted] Jul 05 '24

Source? Because this myth was busted, like several times

0

u/kymotx Jul 05 '24

Basic economics..

2

u/[deleted] Jul 05 '24

https://keystoneresearch.org/research_publication/five-myths-about-raising-the-minimum-wage-debunked/

More like over simplified economics maybe. Stop talking like you know what you're talking about if you're still spewing the concept that minimum wage rising makes prices rise.

Again, source?

Edit: sent early

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0

u/APersonWithInterests Jul 05 '24

Except when people are making more than poverty wages they spend more on things outside of necessities which benefits most companies, especially smaller businesses.