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The real minimum wage is $0

July 7, 2017 by Jeff (ILoveCapitalism)

A week ago, Zero Hedge reported on a study that Seattle’s minimum wage law is costing workers their income and jobs.

…boosting pay in low-wage jobs by about 3 percent since 2014 but also resulting in a 9 percent reduction in hours worked in such jobs. That resulted in a 6 percent drop in what employers collectively pay…

The report also estimated that there are about 5,000 fewer low-wage jobs in the city than there would have been…

But St. Louis workers face better times. The Missouri legislature passed a pre-emption law to invalidate that city’s hike.

Preemption laws are becoming increasingly popular in GOP-controlled states as cities – typically bastions of liberal sentiment – try to raise minimum wages above statewide minimum levels…

…at least 17 states have preemption laws that stand in the way of local minimum wage legislation, according to a recent study by the National League of Cities…

Sadly, MO Governor Eric Greitens, who is a gun-toting conservative hunk of delicious beefcake, was less-than-bold about it:

Fearing the political backlash…Missouri Gov. Eric Greitens wouldn’t affix his signature to the bill; Missouri’s constitution stipulates that bills that go unsigned by the governor automatically become law.

What happens in general, when wages go up too far, too fast? China has the answer.

Manufacturers, squeezed by rising labor costs and a paucity of skilled workers, are fueling an unprecedented boom in the adoption of automated technologies to cut down on the number of workers needed on factory floors, according to the latest findings of the China Employer-Employee Survey.

Ironically, the Communist Party’s willingness to support unprofitable businesses is compounding problems for Chinese workers, as many manufacturers are barely profitable to begin with.

Remember that video of China’s parcel-sorting robots? Or, closer to home, we could talk about McDonald’s replacing its cashiers with kiosks.

Filed Under: Economy, Free (or Private) Enterprise, State Politics & Government, Unemployment crisis Tagged With: Economy, eric greitens, Free (or Private) Enterprise, minimum wage, missouri, State Politics & Government, Unemployment crisis

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