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Letitia James, City Council Member from District 35 in Brooklyn, discusses the living wage bill, paid sick leave and other City Council issues.
This story opens with the fact the unemployment rate in NYC is currently 9.1%. Yet our "wise" overlords in the city council believe that raising the cost of something (a wage is the cost of labor) attracts more buyers (in this case, employers) to purchase that something. The only place that rising prices attracts more buyers is in the stock market.
Since our city council overlords believe this economic fallacy, then why are they being so stingy? Why not raise the mandated minimum wage to $30, $50, or even $100 an hour? Wouldn't that be even more "beneficial" to people who are trying to sell their labor services in the marketplace?
Here's a very good short essay explaining in better detail why minimum wage laws increase unemployment:
(Of course, what's really going on is that the city is only able to pay more to contractors who pay the higher wages because the higher wages are being paid for by taxes, i.e., taxpayers are forcibly paying more for a contractor than they would be willing to pay in a voluntary, free market.)
Stop it with the parades! NYC can't afford them.
The "grace period" for parking violations is shameless pandering every council member should be ashamed of. For once Mike Bloomberg is right.
I can see the logic of the council not willing to subsidize projects and use low-bid contractors whose workers' wages will be so low, they end up needing food stamps and other public assistance just to survive. However - meddling with 3rd party private businesses was a bad idea.
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