Study: Increasing minimum wage does not reduce jobs

fukhueson@lemmy.world to News@lemmy.world – 919 points –
Study: Increasing minimum wage does not reduce jobs
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Guess we need to get rid of business owners then.

So if you owned a business, you'd like to be removed from that position?

I do own a business. I'm the sole and only employee, as it should be unless I want to establish a partnership.

So you're self employed. This study doesn't apply to you.

It's going to blow your mind once you find out about cooperatives.

Or that businesses that employ people in the classic employer-employee way are effectively price-fixing the labor market. The larger they are, the stronger the effect.

It's going to blow your mind to find out how often new businesses fail.

Are you just spouting our random things thinking it makes your earlier point more valid?

???

What, exactly, do you think your point is?

Business owners take the risk. Not everyone can start a business and take on that risk. Most aren’t even profitable for years after. That’s my point.

How many new business fail?

I looked it up and it seems like the survival rate of new businesses is about 78% in the US.

https://www.bls.gov/opub/ted/2024/1-year-survival-rates-for-new-business-establishments-by-year-and-location.htm

The first year seems to be the hardest and each year after that survival rates get better and better.

This data suggests that after 10 years nearly 35% of business are still in business.

https://www.bls.gov/opub/ted/2024/34-7-percent-of-business-establishments-born-in-2013-were-still-operating-in-2023.htm