Perhaps this post is more of a rant than an essay. But less intuitively than one might imagine, increasing minimum wage and its consequences are not binary. That being said, I am not completely against high wages for low skilled labor. I am more fascinated by observing the affects of what happens when minimum wage is increased and then having a discussion based on facts. The attached photo (here is the source) is a single example of what I claim, has to due with the liability of humans. Of course, I am pro human, but I am not blinded by the realities of our flaws. One being, we are unreliable and pose an increased liability where the margins of profit are slim and the cost to invest in technology is decreasing by the day.
I worked in restaurants for nearly two decades (here is the posting of my experience) and I can attest, half the folks would show up to work on time and sober. Moreover, those who were talented at their work, just used the restaurant as a bridge to a better job/career. So if you are an investor, why would you not invest in automation? At the end of the day, aren’t we all trying to feed our family? Yes, corporations are ran by flawed people, and perhaps some are greedy. But greed is another conversation. In the meantime, it’s a good idea to use technology to better our lives. I wrote a post here for those folks who are at risk. Have a good day all!
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