nmoore63 wrote:Depends.
In three ways really
The first is similar to minimum wage. Entry price point. Some jobs disappear entirely as minimum wage goes up. Not as in automation. Not as in someone else does them, as in they don’t create, say $2/hr of value, and so are no longer done at all.
The second depends on cost. Whether all tasks can be automated as cheaply as a high schoolers afternoon is questionable. Provided the government allows the high schooler to bid low Enough. (Or apprentices for that matter)
Then third of course is the Abolition of Man. Whether this is true remains to be seen.
This is all just speculation.
What's the price of milk where you live?
My point is pretty simple. Just because minimum wage goes up, doesn't mean the price of milk goes up. Minimum wage is, one would most certainly figure, a factor, but it is not the sole factor.
Let me give you another example. When I moved away from the small town I lived in Southern Illinois the thing they kept telling me is that "You're not going to make more, you're just going to have to pay more because it will all even out." Blatantly wrong. I can consult my bank account any time to find the truth in that. I worked 115 hours in two weeks and got paid around $830 after taxes. That's ridiculous. Now I work in Washington State, work around 36-40 hours each week and make $670 after taxes.
I'm at the bottom of the pay scale, I make minimum wage. My life has gotten better with a higher minimum wage. Hey, guess what! The price of milk is not tied to minimum wage.
Just because minimum wage is higher does not mean the price of milk is higher. Dispute me on that nmoore.
That's in black and white, man, that is a fact.