“So what can we learn from this study? On the data side, we see that everything is proceeding as planned. Nobody’s paying $50 for a burger at McDonald’s, or $16 for a can of tuna at Safeway. Employers wish their profits were higher, and workers are glad they got a raise, but they wish they made more money. Three years after Seattle started down the road to $15, everything is as it should be. Those apocalyptic claims of destruction and business closures haven’t been proven true. One thing the study didn’t explain was why the sky didn’t fall as promised. Why weren’t workers laid off in droves, or replaced with robots? Why didn’t prices skyrocket? Why does Seattle have more restaurants now than at any point in its history? It’s because those workers who saw a raise now have more money to spend in the city around them. Those restaurant workers are eating in more restaurants. They’re buying more groceries. They’re buying more clothes and cars. That increased consumer demand is creating jobs, and more than paying for the increased minimum wage. The $15 minimum wage established a positive feedback loop that created growth in Seattle by including more people in the economy. In other words, it worked exactly as intended.”
I’m gonna leave this right here.
When you give consumers money, they spend it. When you give old, rich, white men money, they hoard it.