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Is new L.A. Minimum wage a good idea?
in Economy
Debra AI Prediction
Arguments
Several cities have increased increased their minimum wage to $15 and as a result they have seen net benefits. Seattle has seen larger employment growth then comparable counterparts[2].
C) States with minimum wage increases saw 44% larger real wage gains[3]
D) Science research has found that increasing the minimum wage decreases crime. Increasing the minimum wage to $12 would reduce crime by 3-5%[4]. This provides 8-17 billion dollars in savings.
E) There several reasons why minimum wage increases are a net positive for the economy and job growth.
1- Higher wages are linked with higher happiness and happiness increases productivity.[5]
2- Higher wages reduce employee turnover. This saves money on training new employees and having untrained employees working inefficiently.
3- It transfers income from the rich to the poor and the poor spend more of their money.
[1]http://thinkprogress.org/economy/2014/07/03/3456393/minimum-wage-state-increase-employment/
[2]http://irle.berkeley.edu/seattles-minimum-wage-experience-2015-16/
[3]https://mediamatters.org/blog/2016/09/06/new-research-greatest-low-wage-earnings-gains-came-states-raised-minimum-wage/212862
[4]https://www.theatlantic.com/politics/archive/2016/05/raise-the-minimum-wage-reduce-crime/480912/
[5]http://www.washingtonpost.com/blogs/monkey-cage/wp/2014/05/14/does-a-higher-minimum-wage-make-people-happier/
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