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Originally Posted by WhipperSnapper
Wynne was a financial wreck. Ontario would in a dire situation should she have continued.
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Not true. I have plenty of complaints about things that government did, though not as many as the current one; but that assertion is absurd and without foundation.
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Raising the minimum wage does increase the cost of things, hours do get cut and people have to do a job previously done by two. It doesn't always have a favuorable outcome. Wynne's rapid increases to the minimum wage didn't work in favour in the long run for those making it. It was also an opportunity for business to jack up rates and prices for more profit under the guise of the increased cost of wages
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What nonsense.
Of course the minimum wage increases the cost of goods and services, but far less than the wage increase to those who so desperately need that.
The impact has been analyzed in the U.S. context extensively, and that can be seen here:
https://www.americanactionforum.org/...federal-level/
The numbers vary by State in terms of impact, because it depends on what proportion of a businesses costs are labour. (it would be lower in New York, than Idaho, because rent is lower in the latter).
But in general a wage increase of 40% equals a price impact of 10-14%
A very worthwhile trade.
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Minimum wage in comparable centres to Toronto is now much higher in the U.S. than here.
NYC is $15USD which is ~$20 CAD per hour
San Fran is $16.99USD which is $22.61CAD per hour
Seattle is $17.27 USD which is $22.96CAD per hour.
By any reasonable measure, our minimum wage is far too low and that is injurious to economic growth, and to tax revenues.
The unemployment rate in all of the above jurisdictions compares favourably to Toronto and has shown no adverse impact from wage hikes.
Shockingly, if you give people who need food banks to eat more money, they spend it!
On top of which, that spurs Income Tax, Sales Tax and Corporate tax revenue.
It also cuts government costs, since rent-geared-income units go up in rent when wages climb, and people reach income thresholds that disqualify reduce or eliminate certain tax credits and supports.
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Opinions should be evidence-based.