Does Minimum Wage Increase Help Or Hurt The Appraisal Business?

[ucbruin]

...and governmental regulations cause businesses to close up shop too.

Are you putting it on the record that you are in favor of increased governmental regulations?

On a case by case basis....
Yes....

Regarding restaurants/food service....
I like regulations requiring food storage/refrigeration, food preparation, food disposal, property/building cleanliness/maintenance, bathroom facilities, employee cleanliness (must was hands after use of bathroom), etc.

 

[The Warrior Monk]

No business is gauranteed an existence. How many blacksmiths do you see?

Of all the weird things I've come across in my life, one of them would be blacksmiths. They're essentially nonexistent where I live, but I probably know all of the ones left here. One is traditional; he works at municipal-owned historic facility.

The other two have adapted. One is a locally well-known ferrier who deals with all the prize horses. The other does custom iron work (custom entry gates for estate properties, etc.).

Adaptation is the key. Find a use for your skills, and adapt.

 

[The Warrior Monk]

This is a zero net sum game we are playing. 1. There is a fixed amount of money to pay in wages from ALL sources. The total money available does NOT change simply by raising or lowering wages. 2. Similarly, the total amount of money available to spend from wages does not change and more than the total amount of water in our ecosystem (air, land, and oceans) does not change.

Absolutely correct.

Business owners really don't care about minimum wage, but rather cost per employee. The cost of an employee is ALWAYS more than minimum wage, simply because the employer must always pay some of the employee taxes (SS, etc.). There are typically other costs, such as workman's comp. Add benefits on top of that and the real cost per employee can easy be double minimum wage.

 

[ucbruin]

I'm not quite sure what folks mean by zero sum game in relationship to business and employee wages/benefits....

 

[The Warrior Monk]

I'm not quite sure what folks mean by zero sum game in relationship to business and employee wages/benefits....

The long and short of it is that the minimum wage is not what we should be looking at. People treat the minimum wage as if it occurs in a vacuum. Nobody actually pays just a minimum wage to an employee; the are ALWAYS paying more than a minimum wage. Even if the minimum wage in an area has stayed the same in an area for the past decade, chances are the cost per employee as viewed by the business has increased.

As far as the zero-sum game goes, there are two scenarios that occur.

• The currency is inflated, and everybody is back to square one.
• Some win, and others must lose, as the money doesn't just doesn't pop into the businesses bank account so that the can spend more per employee.

We are DEFINITELY seeing the later here in NY, where many are losing, especially in the city, where the minimum wage is $15 per hour. Switch people to part time to eliminate various mandated costs for full time employees, reduce the number of employees, etc. It's hurting more than helping.

 

[Meandering]

Increasing the minimum wage,
without increasing the poverty line for taxes,
means people who were making minimum wage,
get a pay increase, a tax increase, lose hours on the job,
lose benefits and subsidies and,
increases inflation, as prices need to go up to cover expenses,
increases the transition to AI, and,

and this is the big one,
when you are not focused on retail and restaurants,

MAKES OUR LABOR LESS COMPETITIVE IN THE GLOBAL MARKET.

Made in China 2025.

.

 

[ucbruin]

The long and short of it is that the minimum wage is not what we should be looking at. People treat the minimum wage as if it occurs in a vacuum. Nobody actually pays just a minimum wage to an employee; the are ALWAYS paying more than a minimum wage. Even if the minimum wage in an area has stayed the same in an area for the past decade, chances are the cost per employee as viewed by the business has increased.

As far as the zero-sum game goes, there are two scenarios that occur.

• The currency is inflated, and everybody is back to square one.
• Some win, and others must lose, as the money doesn't just doesn't pop into the businesses bank account so that the can spend more per employee.

We are DEFINITELY seeing the later here in NY, where many are losing, especially in the city, where the minimum wage is $15 per hour. Switch people to part time to eliminate various mandated costs for full time employees, reduce the number of employees, etc. It's hurting more than helping.

"People treat the minimum wage as if it occurs in a vacuum."

Considering your post....
It appears that both sides of the issue do....

 

[TRESinc]

In order to supplement the hours lost, Wendy’s transitioned to self-serve kiosks, at approximately 16 percent of their locations.

i have young (under 6) nieces i spend a lot of time with. they love to go into a mcdonalds and play in the play pace and get a snack like a small fry or something. of the 6 mcdonalds that are in my city or the neighboring all but 1 of them already have the automated kiosk ordering systems and that lone one is currently under construction getting them installed. each location has 4 of them so far.

If 1/3 of home depot workers get replaced by auto checkout

once again you spout off about topics you have no knowledge of. i worked at a home depot years and years ago. cashiers represent about ~5% of the staff at home depot. self-serve checkouts did not reduce the number of employees at ANY home depot by 1/3.

 

[Deleted member 128537]

Of all the weird things I've come across in my life, one of them would be blacksmiths. They're essentially nonexistent where I live, but I probably know all of the ones left here. One is traditional; he works at municipal-owned historic facility.

The other two have adapted. One is a locally well-known ferrier who deals with all the prize horses. The other does custom iron work (custom entry gates for estate properties, etc.).

Adaptation is the key. Find a use for your skills, and adapt.

Of course in areas where there are horses you will find them. My point is that it's a rarity vs a common occurrence when every family owned 2 or 3 horses.

 

[Randolph Kinney]

How the Minimum Wage Helped Wreck Puerto Rico's Economy
$7.25 Devastated Its Economy; Imagine What $15 Will Do

The heavily indebted island demonstrates the tragic consequences of forcing up the minimum wage out of sync with the market price for labor.

https://fee.org/articles/how-the-minimum-wage-helped-wreck-puerto-ricos-economy/

No one mentions what happened to Puerto Rico.