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Originally Posted by phoenix
always find it interesting but not surprising that many economist will find a study that will support their ideology ( Paul Krugman is an example) . There are a record number of job opening over 8m right now. As SAMIAM said kitchen help can make 15 per hour working or 15 per hour not . Most people will make the logical decision . Business will have to make the rational decision which the VK did that is close for dinner. They know their customers and raising prices by a lot will drive customers away. By the way I am a graduate economist( certainly not bragging ) and very few economist have ever had to manage a payroll.
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One thing that economists on both sides of the aisle have pushed for over the past 5 years has been higher bargaining power for working class Americans. Trump's immigration policies, Biden's covid relief, and stated objectives of both, have all included policies that put direct upward pressure on domestic wages. Setting aside whether this is a good thing or a bad thing in general, no economist should be surprised that Sam is having a tough time hiring this year (or next...)