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>I wonder what the USA would look like if minimum wage was defined as; two people being able to afford a 1 bedroom apartment within a 1 hour drive without traff
by wnevets 5y ago
>I wonder what the USA would look like if minimum wage was defined as; two people being able to afford a 1 bedroom apartment within a 1 hour drive without traffic.
Slightly smaller yachts for the executives.
- gruez 5y ago>Slightly smaller yachts for the executives. Yeah, it will result in lower real income for executives ...along with anyone that make more than 3x the poverty threshold, per CBO's report: https://en.wikipedia.org/wiki/Minimum_wage_in_the_United_States#Congressional_Budget_Office's_estimates_of_federal_minimum_wage_increases https://en.wikipedia.org/wiki/Minimum_wage_in_the_United_Sta...
- wnevets 5y agoIs that using the same logic that predicted the Ford Motor Company would go bankrupt in a few years after they raised their minimum wage over a 100 years ago?
- gruez 5y agoI don't know. Based on the wikipedia description[1] they seem pretty reputable by economists and other academics >Whereas politicians on both sides of the aisle have criticized the CBO when its estimates have been politically inconvenient,[3][4] economists and other academics overwhelmingly reject that the CBO is partisan or that it fails to produce credible forecasts. There is a consensus among economists that "adjusting for legal restrictions on what the CBO can assume about future legislation and events, the CBO has historically issued credible forecasts of the effects of both Democratic and Republican legislative proposals."[5] So I'm inclined to give them the benefit of the doubt, that they didn't make obvious mistakes in their analysis that a hacker news commenter could have pointed out. Feel free to read the report in depth and disprove that, though.