New Jersey just raised minimum wage to $15 an hour...

New Jersey just raised minimum wage to $15 an hour. it will rise $1 a year from where their wage currently stands until it reaches $15 an hour.

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So the state doesn't want workers to be able to negotiate their own wages.

That's not the front they're putting up but yes basically.

I'm not exactly sure if this is a bad thing I can see it being good for some people but bad for the economy as a whole.

Great just what I wanted, less purchasing power because of all the price hikes stores will have to do to stay in business. Thanks faggots.

You just made me realize why this is bad.

It also just incentivizes employers to turn to illegals when they can. Let's not be coy either, there are illegal spic enclaves in NJ. What does this mean? Well border security wouldn't be in the unscrupulous business man's desires.
It's bad in many ways, but on the surface people will love it and it will produce the results poor people want only for a short time. The market will equalize and we'll be all the poorer for the artificial barrier the state has graciously erected.

>raising the wage floor will put wage earners closer to the middle class.
No. That's not how you into economics.

Never taken high school economics, I take it?

Fuck

>employers will be cutting back on hours
>Prices will be going up.
No like those impacts are aren't going to hit those people at the bottom most.

>the people left after layoffs and hours and OT cutbacks will have to work harder to compensate
After a few months the economy in the region will reach equilibrium and the dollar will be worth less
>those left effectively won't be any richer than before
>still have to maintain that higher level of work output
Only low IQ want a higher minimum wage

This.
Won’t raising the minimum wage just lead to inflation to compensate? Also won’t businesses just start laying off employees to weather the added expense?

The minimum wage increase should have came into effect sooner. By 2024 the economy might not be as good

Yes that's the whole issue but Phil Murphy campaigned on this shit and he wants to follow through even though it just fucks things up worse

Wages haven’t increased with inflation in ages, so conversely inflation shouldnt raise but marginally with increase in wages.

Let republicans decide and they would say min wage should still be 8.50 in 2050

Detroit 2

Think he'll legalize marijuana too? Less purchasing power, more people whacked out on drugs at work. People are awful drivers and the general service in NJ is shit enough. It's just going downhill from here.

Yes he campaigned on weed legalizeation

So expect a ton of economic refugees to southern states in the coming years while industry chokes on higher wages.

>raise minimum wage (to just above the welfare cut off)
>never even think to address the expensive cost of living
I fucking hate these predictable assholes.

>$15/hr being middle class
hahaha holy fuck.
pic related. this is why $15/hr is a total scam to fuck idiots out of their gibs.

every one of these knuckle dragging morons should've been demanding legislation to lead to a "lower cost of living.." but apparently "just make more money!" works better.

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Usury steals way more from you by merely existing.

At this point, if you are thinking about working harder or paying your own way to school......you might as well just sit around until Trump is gone and the next leftist president gets in. Free college for you and $15 minimum wage without you having to do anything.