What happens when people over-value their importance?

Posted by woodlema 8 years, 8 months ago to Economics
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You think these fast food workers are worth $15.00/hr? Apparently we found the tipping point where machines are cheaper. This is what happens when you over-value and under produce your importance.
SOURCE URL: https://youtu.be/L5VHGT0mjgs


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  • Posted by SaltyDog 8 years, 8 months ago
    I was just reading an article about what's happening in Seattle. It seems that one of the unintended consequences is that the welfare rolls are not, in fact, declining. It seems that many of those who recently got a pay raise to $15/hr are demanding to have their hours cut, as the increase in income will hurt their welfare, housing and Medicaid benefits. Additionally in the service sector, dishwashers and back kitchen staff did indeed get a raise, but due to the increase, restaurant owners are now starting to charge 15% up charge to cover the pay increase, so patrons are taking that out of the tip. So effectively wait staff are getting a pay cut, and to add insult to injury, it is now reportable income.

    So how's that pay raise working out for ya, b!tch&$?
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