There's truth in both the responses to Peter's analysis; as well as a solution.
When States (like MN & NY) set minimum wage requirements (as well as other compensation; health insurance, leave time, etc.) that are are economically difficult to impossible to achieve; businesses become unprofitable and cease to exist.
While the "market rate" for labor in some areas is well above minimum wage, there is a good argument to allow employers to determine compensation for labor vs. Gov't.
The really discouraging aspect is that it will all be blamed on Trump, and will harm the Republican Party at the midterm elections. But it is NOT mostly Trump’s fault. Case in point:
A few years ago, the leftist Minneapolis politicians enacted a new minimum-wage law that required all small businesses in the city to raise wages until the minimum peaked at $15/hr as of last July. Small businesses had been just barely holding on for years, due to COVID shutdowns, riots, homelessness and other problems that were beyond the scope of business owners’ ability to modify. Now, and for the past several months, small businesses are closing at an accelerated rate. Restaurants, bars, retail, and other small establishments with razor-thin profit margins simply cannot absorb the higher wages they are mandated to pay. This is the fault of Democrats, not Trump! But too many unthinking people cannot connect the dots, and are so indoctrinated to blame everything on Trump that they don’t even try to think it through logically.
We may be in for a rough patch (at a minimum!) for a long stretch. You foresaw all of this ages ago, Peter. I hope you will continue to size up the trends and keep us informed - especially if you see any positive signs. Thanks!
What people need to understand is that the jobs recession is not, strictly speaking, President Trump's "fault".
What President Trump needs to understand is that the jobs recession is, strictly speaking, President Trump's problem.
US Government policies, which is to say President Trump's policies, can and will make the jobs situation in this country better or worse. President Trump's obligation is to avoid exacerbating the jobs recession.
Has he done that? That is the point people will likely debate.
There's truth in both the responses to Peter's analysis; as well as a solution.
When States (like MN & NY) set minimum wage requirements (as well as other compensation; health insurance, leave time, etc.) that are are economically difficult to impossible to achieve; businesses become unprofitable and cease to exist.
While the "market rate" for labor in some areas is well above minimum wage, there is a good argument to allow employers to determine compensation for labor vs. Gov't.
The really discouraging aspect is that it will all be blamed on Trump, and will harm the Republican Party at the midterm elections. But it is NOT mostly Trump’s fault. Case in point:
A few years ago, the leftist Minneapolis politicians enacted a new minimum-wage law that required all small businesses in the city to raise wages until the minimum peaked at $15/hr as of last July. Small businesses had been just barely holding on for years, due to COVID shutdowns, riots, homelessness and other problems that were beyond the scope of business owners’ ability to modify. Now, and for the past several months, small businesses are closing at an accelerated rate. Restaurants, bars, retail, and other small establishments with razor-thin profit margins simply cannot absorb the higher wages they are mandated to pay. This is the fault of Democrats, not Trump! But too many unthinking people cannot connect the dots, and are so indoctrinated to blame everything on Trump that they don’t even try to think it through logically.
We may be in for a rough patch (at a minimum!) for a long stretch. You foresaw all of this ages ago, Peter. I hope you will continue to size up the trends and keep us informed - especially if you see any positive signs. Thanks!
Thank you
What people need to understand is that the jobs recession is not, strictly speaking, President Trump's "fault".
What President Trump needs to understand is that the jobs recession is, strictly speaking, President Trump's problem.
US Government policies, which is to say President Trump's policies, can and will make the jobs situation in this country better or worse. President Trump's obligation is to avoid exacerbating the jobs recession.
Has he done that? That is the point people will likely debate.