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Mr. Ritholtz did three things. He found the most extreme over-reactions to the law, he criticized those over-reactions for being too extreme, and he provided o

Mr. Ritholtz did three things. He found the most extreme over-reactions to the law, he criticized those over-reactions for being too extreme, and he provided one graph of one statistic that charts restaurant employment from 1990 to 2018. This is his only argument in the piece: > [Restaurants] were in fact opening; employment in food services and drinking establishments has soared. But does that data support his conclusion? Could Seattle's population growth explain the gains in restaurant employment? Why a chart starting from 1990 for a law passed in 2018? Has enough time elapsed to understand the impact of the law? Was the downturn in restaurant employment in 2018 related to the minimum wage law? Though I love it, let's skip the Socratic dialogue. The $15/hr minimum wage does not go into effect until January 1st 2019! Let's wait and see how customer's react to higher prices before declaring victory.

elicash 8y ago
I think the more noteworthy article (since I agree the OP is lacking) is the NYT article that it links to: https://www.nytimes.com/2018/10/22/business/economy/seattle-minimum-wage-study.html https://www.nytimes.com/2018/10/22/business/economy/seattle-... Here's the new paper it describes: https://www.nber.org/papers/w25182?utm_campaign=ntw&utm_medium=email&utm_source=ntwg20 https://www.nber.org/papers/w25182?utm_campaign=ntw&utm_medi...
boomboomsubban 8y ago
>Mr. Ritholtz did three things. He found the most extreme over-reactions to the law, he criticized those over-reactions for being too extreme, and he provided one graph of one statistic that charts restaurant employment from 1990 to 2018. You missed the fourth thing that prompted this story, he discussed two studies done about the new data. The first made several mistakes that they addressed in the second, and the conclusion showed that pay was rising. >Why a chart from 1990 for a law passed in 2018? >The $15/hr minimum wage does not go into effect until January 1st 2019! The law was passed in 2015, and it mandated a gradual increase of the minimum wage over the next four years. In 2018, the minimum wage is $15 for businesses with over 500 employees, $14 for other businesses.

elicash 8y ago

I think the more noteworthy article (since I agree the OP is lacking) is the NYT article that it links to: https://www.nytimes.com/2018/10/22/business/economy/seattle-minimum-wage-study.html https://www.nytimes.com/2018/10/22/business/economy/seattle-... Here's the new paper it describes: https://www.nber.org/papers/w25182?utm_campaign=ntw&utm_medium=email&utm_source=ntwg20 https://www.nber.org/papers/w25182?utm_campaign=ntw&utm_medi...

boomboomsubban 8y ago

>Mr. Ritholtz did three things. He found the most extreme over-reactions to the law, he criticized those over-reactions for being too extreme, and he provided one graph of one statistic that charts restaurant employment from 1990 to 2018. You missed the fourth thing that prompted this story, he discussed two studies done about the new data. The first made several mistakes that they addressed in the second, and the conclusion showed that pay was rising. >Why a chart from 1990 for a law passed in 2018? >The $15/hr minimum wage does not go into effect until January 1st 2019! The law was passed in 2015, and it mandated a gradual increase of the minimum wage over the next four years. In 2018, the minimum wage is $15 for businesses with over 500 employees, $14 for other businesses.