As a point of reference, in 2001 the republicans passed a massive tax overhaul. They were running into problems with the senate parliamentarian at the time so guess what they did... they fired him.
the break even on automation changes with labor costs. in India it is cheaper to have someone cut grass with a mechanical mower than it it to buy a gas powered lawnmower. in the US it’s much cheaper relatively to buy a riding mower.
I get that. It’s also important to consider artificial intelligence in this conversation. What I can say is that automation also applies to “computer” work. Our billing and media management relies heavily on automation. For example, the amount of legal media we can process with automation software has grown incredibly over the past 5 years or so.
sure. We should increase the minimum wage to 200k because lawyers are going to feel the pinch soon too.
Nearly everyone but you understands that there will be fewer employees when you institute higher minimum wages. They also get that consumers will pay higher prices and business will go under. Leftists are disgusting.
Which is why now, after 22 previous increases to the minimum wage, we have 100% unemployment and $0 GDP!
Well, when we talk about automation (and artificial intelligence) we do tend to look at it from a standpoint of this stuff only impacts low wage/low skill work but it doesn’t. I saw stuff on automated backhoes and dump trucks so it’s wide ranging. Interestingly, even some aspects of the law such as drafting wills and prenuptial agreements are already automated. So, yes, it’s happening. But like I said freeing up labor doesn’t necessarily mean there will be excess labor either. Its something to consider but raising the minimum wage may hurry some of this stuff up but it’s inevitable anyway.
All one need do is look at the kiosks at McDonald's to understand how raising the minimum wage hurts.
Perhaps, for some time. Economies tend to move to full employment though and the displaced will more times than not find themselves in a better position. The idea that we should keep wages at poverty levels is a nonstarter if you understood today’s minimum wage worker profile.