This must be similar to the left's theory on insurance policies. When businesses lose money after gov't mandates are implemented and then they try to make changes to become profitable, it shows the left that business is just too greedy for a just society. They're supposed to lose money for the common good.
Can you give me a citation. I'd like to read up on this. I was totally unaware there was "left theory on insurance policies."
Obama forcing more work to be considered overtime: CBS News: Obama extends overtime pay to 4.2 million Americans — The Department of Labor on Wednesday will finalize a rule extending overtime protections to 4.2 million more Americans currently not eligible under federal law, boosting wages by $12 billion over the next 10 years While socialist France is passing legislation to make more work to be considered regular pay, instead of overtime pay. French unions launch wave of protest against labor reform http://www.dw.com/en/french-unions-launch-wave-of-protest-against-labor-reform/a-19264512 Obama even more socialist than France.
And does so whether wages rise or not, because as technology improves and becomes more efficient it will eventually be profitable to replace labor held at even constant cost. Were the deployment of automated company directory menus, automated bank machines, scan it yourself robots at supermarkets, online banking, online shopping, and kiosks at movie theaters all driven by a half dozen minimum wage hikes in recent years?
good point. I agree that the Marx dictum furnishes a very weak argument for those opposing a hike in the minimum wage.
Automation allows workers to become more productive and make more money as a result. And somebody had to make the scan it yourself, kiosks, auto directory menus etc to place in those locations. It's productivity increases that allow higher pay. Min wage hikes only incentivize owners to fire people.