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With NY's rising minimum wage, we will now get to see if any rising tide will actually raise all boats.Permalink On twitter.com
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Avg wages in NYC dropped Q1 2015 vs Q1 2016. bls.gov/regions/new-york-new-jersey/news-release/countyemploymentandwages_newyorkcity.htm Thing to watch in 2017: is this a pattern or a outlier?Permalink On twitter.com
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Minimum wage obviously needs to go up. Especially for NYC. But is the economy so screwed and disconnected...Permalink On twitter.com
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...that result will not touch the shrinking stagnating middle class? We now know tax breaks for the rich don't, despite claims otherwisePermalink On twitter.com
Mood +2 🙂
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Though rising minimum wage is *needed*, a failure to affect middle class wages will likely cause it to be seen as a failure...Permalink On twitter.com
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The wage floor is most often held by labor who provide service to the middle class. If cost goes up w/o MC earnings increasing: not good.Permalink On twitter.com
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We'll see a lot of stories about how the minimum wage hike made businesses fail, and considering the political situation...Permalink On twitter.com
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...The result will likely be labor protections further being removed. But what it will really mean is more significant, no tools to touch MCPermalink On twitter.com
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It will mean we lack the capacity to guide the economy centrally in a meaningful way that applies to real citizens. Worrisome.Permalink On twitter.com
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What got me thinking about this: thrillist.com/eat/nation/american-restaurant-industry-bubble-burstPermalink On twitter.com
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An example of how rising costs, falling/steady MC wages, and overblown ultra-wealthy and VC are the 3 kinds of heat needed to pop a bubble.Permalink On twitter.com
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It's barely touched on here, but that signature VC disruption is accelerating the process badly, as it does Chronotope/813774659992846336Permalink On twitter.com
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The author implies, but likely cannot confirm, that delivery startups are under-charging and over-paying labor compared to market rates.Permalink On twitter.com
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So pushing restaurants out of business in that typical VC manner. Then they control the market and can rise rates up to higher than beforePermalink On twitter.com
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Only VC's will never be able to hold the entire restaurant market, though by destroying many rent-holders they may crash the real estate onePermalink On twitter.com
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A hollowed out middle-class = a hollowed out restaurant scene, a hollowed out economy, a hollowed out America. These problems are the same.Permalink On twitter.com
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We can't blame an unstable middle class that needs cheaper goods, or a beleaguered lower class which needs cost of living. Hmmm who is left?Permalink On twitter.com
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The problem with VC logic is that it only works in places like tech where competitors in your vertical *want* to get purchased out.Permalink On twitter.com
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In media, restaurants, or other places where people start some businesses out of passion, it isn't going to work.Permalink On twitter.com
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A few players in any VC-infested sector can hold on long enough for VC-backed cos' continual undercutting to bankrupt themselves.On twitter.com
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Then those huge VC-backed companies collapse & their labor re-enters the market with overblown salary expectations. Oh boy! Welcome to 2017!Permalink On twitter.com
Mood +1 🙂