Seattle CEO Dan Price won raves from the economically-illiterate press when he announced some months ago that he was raising the minimum wage at his company to $70K per year. Many on the smug ignorant left were elated, “See, you selfish conservatives, it is possible to be financially successful and egalitarian.”
And those of us who actually understand how economics works endured the smug snottiness because we wanted to wait and see how it worked it.
I’m working as hard as I ever worked to make it work,” he told the Times in a video that shows him sitting on a plastic bucket in the garage of his house. “I’m renting out my house right now to try and make ends meet myself.”
The Times article said Price’s decision ended up costing him a few customers and two of his “most valued” employees, who quit after newer employees ended up with bigger salary hikes than older ones.
“He gave raises to people who have the least skills and are the least equipped to do the job, and the ones who were taking on the most didn’t get much of a bump,” Gravity financial manager Maisey McMaster, 26, told the paper.
She said when she talked to Price about it, he treated her as if she was being selfish and only thinking about herself.
“That really hurt me,” she said. “I was talking about not only me, but about everyone in my position.”
Approaching burnout, she quit.
I have come to believe that what makes a man conservative is simply understanding economics and human nature. On the other hand, I suppose there are leftist leaders … Castro, Mao, Obama, Chavez … who don’t necessarily misunderstand them so much as exploit the ignorance of their followers on those topics.