Does Minimum Wage Increase Help Or Hurt The Appraisal Business?

[Eli]

Umm, you obviously haven't been paying attention to Louisiana? Supreme Court? Send me just a pinch of what you are smoking. It's been years, but I guess I'm missing out...

In the old days antitrust cases could take years and years. This will be no different.

Still in discovery stage here. Get a cup of coffee. lol

 

[Randolph Kinney]

In New York City, where the legally mandated minimum wage rose more than 15% on January 1, a New York City Hospitality Alliance survey found that 75% of restaurants intended to reduce employee hours and 53% responded that they would eliminate some jobs.

 

[ucbruin]

Let's say a part-time employee making $8/hour works a 5 hour shift....

Hourly wage increases to $15/hour and shift is cut to 3 hours....

$40 vs $45....

People work for the money, not for the hours....

 

[Randolph Kinney]

Let's say a part-time employee making $8/hour works a 5 hour shift....

Hourly wage increases to $15/hour and shift is cut to 3 hours....

$40 vs $45....

People work for the money, not for the hours....

Businesses look to cut total compensation. In your example, it does't. Not a reality is it?

 

[ucbruin]

Total compensation?

 

[Randolph Kinney]

Total compensation?

Seattle's Minimum Wage Increase
June 27, 2017

These findings, examining another year of data and including the increase to $13/hr, are unequivocal: the policy is an unmitigated disaster. The main findings:

– The numbers of hours worked by low-wage workers fell by *3.5 million hours per quarter*. This was reflected both in thousands of job losses and reductions in hours worked by those who retained their jobs.

– The losses were so dramatic that this increase “reduced income paid to low-wage employees of single-location Seattle businesses by roughly $120 million on an annual basis.” On average, low-wage workers *lost* $125 per month. The minimum wage has always been a lousy income transfer program, but at this level you’d come out ahead just setting a hundred million dollars a year on fire. And that’s before we get into who kept vs lost their jobs.

https://fee.org/articles/seattles-m...ycTcBjnpiuMIkZnWxkAkjU8rJPdmCRJEaAuKwEALw_wcB

 

[Randolph Kinney]

Total compensation?

A ‘very credible’ new study on Seattle’s $15 minimum wage has bad news for liberals
June 26, 2017

The city is gradually increasing the hourly minimum to $15 over several years. Already, though, some employers have not been able to afford the increased minimums. They've cut their payrolls, putting off new hiring, reducing hours or letting their workers go, the study found.

The costs to low-wage workers in Seattle outweighed the benefits by a ratio of three to one, according to the study, conducted by a group of economists at the University of Washington who were commissioned by the city.

On the whole, the study estimates, the average low-wage worker in the city lost $125 a month because of the hike in the minimum.

https://www.washingtonpost.com/news...ether-a-15-minimum-wage-really-helps-workers/

 

[Randolph Kinney]

Total compensation?

NYC Rising Labor Costs Survey

The pressures heavily driven by recent labor mandates in New York City include: doubling the tip wage in a mere three years, six consecutive annual minimum wage increases, a $300 increase to the minimum weekly rate for salaried employees, paid sick leave, healthcare, workers’ compensation, taxes, compliance, and other related costs.This also includes the upward pressures these increases place on wages as an expense.

 

[Eli]

Dream on.

Idk dog. Scary times. Louisiana don/t seem scared. If you look beyond the surface into antitrust law and employee/independent contractor law? And the other laws on appraisals, It makes me think they have no reason to be scared. They are pretty much just saying we are doing our job. They haven't even filed counter suits yet.

 

[ucbruin]

As someone who has limited knowledge regarding economics/finances/etc....

I wonder why a $15 minimum wage in 2024 will be the demise of the US economy....

Haven't wages been rising throughout our history, albeit slowly for the lower 50% than the upper 50%....

Is the US economy too fragile to absorb an additional $7.00/hour over the course of 5 years?

And yet the US is still considered the only superpower....

So why is $15 the line in the sand?