$15 minimum wage to cost NY taxpayers $1B+ over next 3 years

[Tactics]

@klaudnine

@BValGuy

@klaudnine

15 minimum is stupid although I’m all for letting people make a comfortable living, but I know some people with masters that don’t even make more than 15 dollars an hour… If people at fast food joints are making 15 then those people’s wages will also need to be bumped up.

Minimimum wage regulations only apply to hourly workers. Salaried workers would not benefit from this.

Yeah but wouldn’t salaried workers be pissed off if hourly wage workers are getting paid 15?

Those getting paid $15 would probably still qualify for medicaid. Those making $15-20 are on the hook for premiums.

[Yayyywork]

@ohai

What are you guys comparing MTA to? How would you rate it compared to public transit systems in other global cities like London, Tokyo or Hong Kong?

Londons tube was very nice when i rode it during a brief visit so its pretty anecdotal but it was clean and came extremely frequently. The cars were significantly shorter than the NYC subway but again the frequency they arrived in was fantastic.

As I said in a different post i noticed on the map most lines on the tube were pretty straight with minimal crossings of rivers & other lines which allows that to happen. I believe most tube lines do close though, and the price was not the same they used zone based fares (which are better or worse depending on your view on that) So londons system is better at some things, NYC’s is better at others.

[igor555]

@ohai

What are you guys comparing MTA to? How would you rate it compared to public transit systems in other global cities like London, Tokyo or Hong Kong?

north korea is pretty nice

[brain_wash_your_face]

@Tactics

Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime.

Build a man a fire and he is warm for a night. Set a man on fire and he is warm for the rest of his life.

[Ghibli]

Happy to see nobody’s views have evolved. I’ll link to my post, but the thread has all the same actors with all the same misguided opinions.

http://www.analystforum.com/comment/91676673#comment-91676673

[Yayyywork]

^ hey if you can get transfer payments to the poor instituted im all for axing the minimum wage. Its not about how much the job itself pays, its about making sure people have the means to live based on their work. Raising the minimum wage is a means to an end, it may not accomplish that end perfectly and without consequence but I dont see any serious solutions coming out either.

[Ghibli]

^Minimum wage laws are harmful to those the they are supposed to help. And most minimum wage workers are from households well above poverty, as I was when I worked for minimum wage. It’s political fodder. Belongs in the dust bin of history. States or municipalities can issue transfer payments as they see fit.

[Irruminati]

Ny subway infrastructure was built a hundred years ago compared to relatively recent ones in asia. Hk MTR didn’t start until '79 and Japan national railway '49. Space is smaller making rail stock management and maintenance more difficult. New technology like positive train control systems are thus difficult to implement leading to higher rate of delays/casualties.

I read somewhere train controller culture is very different between US and Asia. The former is filled with old people who often work OT, which pays very well, and prevent younger people from joining. Old folks don’t educate young blood because they threaten their jobs. Toxic environment. Asian culture is more open and makes the overall culture more attractive.

[ohai]

NY infrastructure is old, but there is no reason that the stations should be filthy, that homeless people should be spread eagle in subway cars, that budgets are crippled by pension costs, or that there should be no new technology (it’s due to bureaucratic hard stop, not physical limitations). I do not think anyone would disagree that NY is run by a complicated bureaucracy that serves many entrenched factions.

[klaudnine]

@ohai

NY infrastructure is old, but there is no reason that the stations should be filthy, that homeless people should be spread eagle in subway cars, that budgets are crippled by pension costs, or that there should be no new technology (it’s due to bureaucratic hard stop, not physical limitations). I do not think anyone would disagree that NY is run by a complicated bureaucracy that serves many entrenched factions.

I blame the new mayor, there wasn’t this many homeless people before…

[Ghibli]

@ohai

NY infrastructure is old, but there is no reason that the stations should be filthy, that homeless people should be spread eagle in subway cars, that budgets are crippled by pension costs, or that there should be no new technology (it’s due to bureaucratic hard stop, not physical limitations). I do not think anyone would disagree that NY is run by a complicated bureaucracy that serves many entrenched factions.

One day, maybe soon, somebody will sue on behalf of the taxpayer. Those negotiating these pensions on behalf of the people of New York had a fiduciary responsibility to look after the interest of the people. That duty was not upheld. Maybe a precedent could be set for litigation nationwide. I’m all for paying public servants high market wages, but the equivalent of greater than 4 million dollar payouts at retirement is a little rich when a private sector job requiring similar skills doesn’t demand a third of the total career compensation. A tenth in some cases. See California municipalities.

[Irruminati]

@ohai

NY infrastructure is old, but there is no reason that the stations should be filthy, that homeless people should be spread eagle in subway cars, that budgets are crippled by pension costs, or that there should be no new technology (it’s due to bureaucratic hard stop, not physical limitations). I do not think anyone would disagree that NY is run by a complicated bureaucracy that serves many entrenched factions.

The stations are filthy because new Yorkers in general are dirty. This is a problem of mindset and national standards, not what MTA is doing. They can double the cleaners and the stations will look the same.

Homelessness is about space and shame. in Japan it is shameful to be homeless so you probably won’t see people spread eagle in trains. Same idea that you don’t see a girl without makeup in Japan. In hk there is simply no space. In New York there’s ample space and homeless people don’t feel bad doing what they do.

I suppose unions don’t do the company good so you’re right on that.

[igor555]

@ohai

NY infrastructure is old, but there is no reason that the stations should be filthy, that homeless people should be spread eagle in subway cars, that budgets are crippled by pension costs, or that there should be no new technology (it’s due to bureaucratic hard stop, not physical limitations). I do not think anyone would disagree that NY is run by a complicated bureaucracy that serves many entrenched factions.

Ohai for Mayor! CvM for deputy mayor

#FreeCvM

[Matt_Likes_Analysis]

@Ghibli

^Minimum wage laws are harmful to those the they are supposed to help. And most minimum wage workers are from households well above poverty, as I was when I worked for minimum wage. It’s political fodder. Belongs in the dust bin of history. States or municipalities can issue transfer payments as they see fit.

a minimum wage has previously shown to permanently lower corporate profits and act as a transfer payment from corporations to labour. at a time when corporate profits are so excessively high, it is fair to assume that corporations will accept the new wage levels and lower corporate profits. WMT, TJX have raised wages and accepted their fate and have not laid off zillions of employees like all monetarists can’t help believe will happen. sometimes corporations do not act perfectly rational in the short-term (i.e. purely profit seeking) and sometimes choose to act in the best interest of its employees and/or society which could have a long-term positive effect on profitability anyway due to enhanced public image.

[bchad]

@brain\_wash\_your\_face

@Tactics

Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime.

Build a man a fire and he is warm for a night. Set a man on fire and he is warm for the rest of his life.

I lolled.

[bchad]

@higgmond

http://nypost.com/2016/11/17/15-minimum-wage-to-cost-taxpayers-an-extra-838m-for-medicaid/

Cliff Notes Version: Minimum wage hikes will result in additional taxpayer funded Medicaid payments of $44 million in FY 2017; $255 million in FY 2018; $579 million in FY 2019; and $838 million in FY 2020. In fairness, NY’s annual budget is more than $150B, but $1B is still a lot of money.

So $1B over three years? If that’s true, you’re saying that the NY will spend about $450 Billion over the next three years, and because of this darned minimum wage law, it’s going to spend more like $451 Billion, or 22 basis points more.

[Black_Swan]

@hpracing007

@krnyc2008

@hpracing007

Some people just ain’t worth $15/hr… giving them that just hurts the rest of us. Price floors reduce demand and create oversupply.

Who are you to decide what are other people worth?

If they were worth $15, why do laws need to be passed to make sure they get paid at least that much?

So let me get this straight:

1. Market says they’re worth less than $15 an hour which hp seems to agree with

2. KRNCY gets mad and supports a law dictating their worth while trying to accuse others of deciding what people are worth?

3. Logic???

Women, amirite?

[former_trader]

One day we will have to deal with the elephant in the room. With technology replacing more and more labor and corporations giving more and more money to their executives and shareholders, more and more consumers will have no more disposable income to consume anything outside of food and shelter. Henry Ford must be spinning in his grave.

[bchad]

If they can’t consume anything else, and their labor is unnecessary for anything, those who own things will start to ask why they even need food and shelter.

I think I’m going to call it The Lost Generations.

[Analti_Calte_Equity]

@igor555

how will higher wages cost taxpayers money? actually will save taxpayers

higher wages = higher tax revenue

http://www.huffingtonpost.com/2015/04/13/low-wages-cost-taxpayers-153-billion_n_7055202.html

Your assumption is that there is a demand to pay $15 wage. If the wage is too high, the tax revenue will not be there.