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@_Unknown_D_

Entrepreneur | Husband | Father | Believer | building towards financial freedom. Sharing my thoughts on money, politics, faith, mindset & everything in between

London, England Katılım Aralık 2017
704 Takip Edilen13.4K Takipçiler
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D@_Unknown_D_·
Twitter will give you a distorted view of how the real economy works. Read if enough tweets and you will think everyone is a millionaire on here.
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D@_Unknown_D_·
@DuxVul Good question
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Dux@DuxVul·
@_Unknown_D_ Did we ever learn what happened to the £800k stuck in a bank account?
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Nduka@Daniel_Nduka_·
Still scanning for an answer to this and can’t find anything. Truth is the number was picked on vibes. 15 sounds good now. When 18 sounds good, they will increase it to 18 as well. There is no data behind it. It is backed by vibes.
D@_Unknown_D_

My question in regards to the Green Party pledge to raise the minimum wage to £15 is why stop at £15? If it holds true that all we need to do to improve living standards is just increase the minimum wage then why not make it £20, £30 or £40. Whats the economics behind £15?

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D@_Unknown_D_·
@SirLeonP Not everyone wants to or is able to buy a home.
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D@_Unknown_D_·
@hamid ‘ Or you could work for a fairer society where rents cost less, people have more disposable income to spend on crap coffee, and wealth is less concentrated in the billionaire owners of competing faceless chains.’ So business owners should assume the responsibility of politicians?
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Hamid@hamid·
This is an excellent read because it shows how entitled and parasitic ‘entrepreneurs’ can be. People’s labour should not provide a living wage so this guy can charge £5 for a flat white and cream off the profit. If you can’t pay your employees a living wage and your addressable market can’t sustain the minimum cost of the product you sell then yes, your business is not sustainable. So what’re your choices? Well, you could force your desperate staff to accept lower wages. Or you could work for a fairer society where rents cost less, people have more disposable income to spend on crap coffee, and wealth is less concentrated in the billionaire owners of competing faceless chains. I’m not one for forcing people to live in penury so you can give commuters the benefit of some stale and poorly-roasted beans.
Peter McCormack 🏴‍☠️🇬🇧🇮🇪@PeterMcCormack

A minimum wage of £15 would end my coffee shop, it would have to close, as would many other businesses. I’ll explain for the economically illiterate. Staff costs are currently half our costs, a £15 minimum wage is actually more than £15 an hour for the company, because you have to add: - 12.07% holiday - Sick pay - Maternity pay if and when required - National insurance - Pension contributions These costs would mean the shop loses money because remember, energy costs are up, rates are up, regulations are up. Now you can pass these costs onto the consumer - that would mean charging a lot more for coffee, people won’t pay it. The likes of Starbucks and Costa can, because they have economies of scale. The independent doesn’t. Now the little socialist will say well this is your fault, if you can’t run a business that can afford to pay its staff properly, but the little socialist has never run a business and does not understand the dynamics. Now I could pay some staff off and fill those hours myself or reduce us to one staff member during certain periods - but this proves the point that a minimum wage costs jobs. There was a time when these jobs were done by kids, perhaps on the weekend, paid a lower wage, no holiday and no silly employment rights. Perhaps they were even paid cash. The dynamic worked and small businesses like this could operate. It was also a great first job. Sadly now it isn’t worth employing entitlement youngsters at this level of pay. So alas, I don’t need the stress, the business would close, a number of jobs would be lost. Economics is about understanding these dynamics, no vibes. The cost of living is not solved through passing on inflation to the business, it is solved by ending high inflation and creating prosperity. This is what socialists don’t understand, they can’t create prosperity, they can only destroy it.

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D@_Unknown_D_·
@EkunweL Waiting for an answer…
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Lawrence@EkunweL·
How have MPs afforded a pat rise for themselves over the years? How did the country afford every successive minimum wage increment since 1999? How did the country afford it when factory workers in the North got better pay for their work?
D@_Unknown_D_

@EkunweL It’s a shame you can’t answer the question 🥲

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D@_Unknown_D_·
@Self_Gambit I’m talking about minimum wage for the country and you’re talking about KFC’s profits? lol?
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SelfGambit@Self_Gambit·
@_Unknown_D_ KFC made almost £100 million last year. Tell me again they can’t afford to pay their employees £2 more.
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D@_Unknown_D_·
You are completely misunderstanding where I’m coming from, you make it sound as if I want people to struggle. On the contrary, I’m very pro UK and I want the people that live here to live fulfilling and dignified lives. Please consider that there is delicate balance to be struck between the minimum wage and what businesses can afford. The costs that businesses are already facing from the recent hikes in employers NI, business rates and minimum wage amongst other things are already causing employers to let workers go. This means more people out of work, reliant on the benefits system to provide for themselves and their families. Politicians of all shades will tell you what you want to hear but they will not be honest with you about the trade offs. The economy as it currently stands cannot support a sudden minimum wage increase to £15 without severe consequences, it will simply lead to a weaker economy and more people out of work. I’m yet to see any reliable evidence to the contrary. The best and most reliable way to improve people’s living standards in the long term is through economic growth. The Green Party have not shown a credible policy approach to growing the economy. If they impose a minimum wage increase of this kind on businesses it will mean less people in work and weaker wage growth for those fortunate to remain in work. When I ask what is the economic basis for the Green party’s pledge, that’s not me saying I don’t want people to earn that much. That’s me scrutinising the thought given to the means and the required trade offs that have gone in to this commitment. The electorate always wants to hear things that feel good to hear, but you have to consider how realistic these promises are.
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D@_Unknown_D_·
@EkunweL It’s a shame you can’t answer the question 🥲
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Lawrence@EkunweL·
So what do you want then? If you are so upset about the £15 minimum wage, how about we take it back to £8.72 as of 2020? Or even £6.7 ? Everyone seems to only have smoke for the green party. They didn't even say that it is all that needs to be done to improve living standards.
D@_Unknown_D_

My question in regards to the Green Party pledge to raise the minimum wage to £15 is why stop at £15? If it holds true that all we need to do to improve living standards is just increase the minimum wage then why not make it £20, £30 or £40. Whats the economics behind £15?

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D@_Unknown_D_·
Thank you for this, appreciate you directly answering my question. The Kaitz index is a descriptive rather than prescriptive tool. It’s only useful for rudimentary analysis of the impact of a minimum wage increase. Unemployment is already on the increase with existing levels of minimum wage + employment costs for business. The Kaitz index cannot account for what would happen if min wage suddenly increased by 18%.
NJ@NoJusticeMTG

Studies have shown that the Kaitz index can reach as high as 80% without a pronounced disemployment effect. Current median wage is £19.67/h, meaning the labour market can absorb a minimum age potentially as high as £15.73

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D@_Unknown_D_·
@HollowPoint_USA I find much of their politics appears to be at the student union grade of sophistication.
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Hollow Point USA
Hollow Point USA@HollowPoint_USA·
@_Unknown_D_ It's Student Union politics designed to make people on £12.71/hour think "corr that'd be nice I'll vote for these lot." Not saying whether that's good or not but that's all there is to it.
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D@_Unknown_D_·
My question in regards to the Green Party pledge to raise the minimum wage to £15 is why stop at £15? If it holds true that all we need to do to improve living standards is just increase the minimum wage then why not make it £20, £30 or £40. Whats the economics behind £15?
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D@_Unknown_D_·
@Britestoan Ok so if an employer is forced to fire someone because they cannot absorb the cost increases, how livable would their income be then? As much as I wished the world worked this way, you cannot base a minimum wage solely on what people need to live.
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Stuart@Britestoan·
@_Unknown_D_ Because it's the MINIMUM livable wage. Or at least it is alongside other policies such as social housing, rent controls, increased public transport provision, etc.
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D@_Unknown_D_·
You do understand that economics of the minimum wage consists of more than what people need to live? You also need to consider the ability of businesses and the wider economy to support a significant rise in minimum wages. What’s the point of a £15 minimum wage if it causes unemployment to increase to 11%? You are not addressing my question.
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D@_Unknown_D_·
@sayemud81844172 A picture with two circles, how compelling.
GIF
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D@_Unknown_D_·
@Run_Bettor It’s true I was asking too much from people who for the most part, probably have degrees in creative arts.
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Charlt⭕n
Charlt⭕n@Run_Bettor·
@_Unknown_D_ Economics 🤣 as if those dozey Green f'ckers even know what that is 😭😭
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