Josh Sigurdson does another quick freedom minute report!
The Ontario minimum wage hike is not turning out like so many utopians hoped for.
Prices for food purchased at the province’s eateries rose 1.9 per cent in January from a month earlier, Statistics Canada reported.
The minimum wage hike perfectly defines the Hegelian Dialectic of problem, reaction, solution, repeat. Alongside the out of control printing of fiat currency rising the inflation rate, raising the minimum wage simply uniforms value at a higher price. So basically, you can raise it 20 dollars on top of today's minimum wage. You will simply make just as much value but with a higher number on your money.
This is difficult to explain to most, but what we are seeing is the propping up of major corporation by the hand of the state.
McDonalds can afford to pay a minimum wage, but small businesses for the most part cannot. They have to sacrifice production and capitalistic incentive to compete and innovate, etc.
Instead of looking to government to fix the problems of government, we as individuals should fix these problems by the hand of demand.
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Yes I am seeing that first hand. From food court to restaurants to supermarkets all food cost is up and probably is going to spread to other areas. Wendy's is rolling out ordering kiosks after MacDonalds and Tim Hortons is likely to follow. So they are cutting staff hours/jobs while hiking prices.
alot of those jobs may be automated in the near future. I think fast food execs are dying to replace workers with machines, so raising the minimum might be worse for workers in the long run.
interesting ... good post
Like @joshsigurdson
I have seen it first hand since the start of the year. So people are making more money per hour but they have no hours in these minimum wage jobs so there is no net gain what so ever. I feel this is just a push by the Ontario government into basic income going forward.
It's the same here in the US. It's hard to get people to understand that if the minimum wage goes up, so does the price of everything we buy. It's like being in a hamster wheel. I think most people want the money to trickle down from the CEOs, but that never happens. The only way I can see this changing is to make CEO pay ratio linked to lowest paid employee.
Doesn't really matter if prices go up. If minimum wage goes up, then what is considered a 'descent enough' wage will also go up.
This wont affect people who are living paycheck to paycheck.
It is inflationary to the currency (which the wage is paid in). So anyone that has saved, or wants to save that currency will see the buying power of it go down. So if you want to save up for something, don't use that currency that is getting inflated.
I'm shocked that politicians who have never run a lemonade stand don't understand how the free market works!