Who the welfare state protects shapes a country’s financial openness(theloop.ecpr.eu) |
Who the welfare state protects shapes a country’s financial openness(theloop.ecpr.eu) |
Try to leave that welfare paradise, you are still on hook as tax resident for extra three years after leaving!
If this was true, then the Eurozone crisis would not have been as severe as it was in Portugal, Spain, Italy, Greece, and France - all countries with broad and large social assistance programs.
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Also, the HN title is editorialized, the correct title is "Who the welfare state protects shapes a country’s financial openness"
The ECB could have brought government bond yields down from the beginning and most of the problems could have been avoided.
Is that sustainable? Argentina's predicament is basically caused by a variant of this. The Peronists gave handouts to buy votes, funded by money printing (ie. "The ECB could have brought government bond yields down"), but that has consequences and turned Argentina into an economic basket case. Of course, you might argue the EU doesn't have this problem because it's stronger economically and other states can prop them up, but that begs the question, why should member countries like Germany fund Southern Europeans's fiscal profligacy?
* https://www.washingtonpost.com/business/2026/07/22/amazon-gi...
Their analysis will yield false conclusions because they’re completely ignoring a number of variables.
For instance, the USSR had capital controls for financial and political reasons. The article assumes that politics plays no role, only finance.
Wall Street influences US financial policy, but so does politics.
The laziness of this research is shocking, so I looked up the author. He’s an author for the Communist blog “Jacobin.”
Why is this on Hacker News?
This paper is flimsy propaganda.
At best all you can say is that if you decide to hire, it cannot be lower than some minimum, but often this results in no job at all.
Now it’s quite bad though, a whole generation of 16-20 year olds entering the job market and there’s just no jobs because you can hire a 30 year old for the same money
In any market, there is wide range of possible clearing prices with cost of production as a floor, and marginal value as a ceiling. Which price the market settles on is often a function of bargaining power as much as productivity. Minimum wage regulation is a heavy-handed way to change that bargaining relationship.
That's pretty reasonable. Nobody should be working 40 hours a week at a job and not make enough to support themselves. Any company who can't afford to pay their employees at least that much is a failure who deserves to be out of business.
The author writes for Jacobin, which promotes a failed ideology where you CAN force people to “hire anyone at a given wage.”
It’s an advertisement for a failed ideology.
https://factually.co/fact-checks/business/walmart-workers-go...
https://www.cnbc.com/2020/11/19/walmart-and-mcdonalds-among-...
We might make half as much (rather less for me actually) because of our specific industry, but that's not generally true.
Doesn’t feel objective.
"Median weekly earnings of the nation's 120.9 million full-time wage and salary workers were $1,251 in the second quarter of 2026"
Many of the states[0] have started offering free or low cost tuition for their public community colleges and trade schools, and low cost tuition for their colleges and universities. For example, Minnesota offers tuition at a state college starting at $6k a year[0] and free tuition at community colleges if you're earning under $80k[1]. Those prices are before financial aid, grants, scholarships, etc which are widely available from multiple sources.
[0] https://www.sofi.com/learn/content/states-with-free-tuition/
[1] https://www.minnstate.edu/admissions/affordability.html
[2] https://www.nhcc.edu/free-college-tuition-nhcc
As for the rest of your comment, you have a very distorted of what life in the US is like. Also, nothing you list is "free" in Europe, there's just a lot of rather regressive taxes that are collected to pay for it all. The US federal tax structure is actually rather progressive, but that also means there's less money for the feds to pay for all of those "free" things.
US average disposable income is $67,000, while it's $32,000 in the UK (with higher rents in the UK than the US).
the U.S. Census Bureau estimates that the median annual earnings for all workers (people aged 15 and over with earnings) was $51,370; and more specifically estimates that median annual earnings for those who worked full-time, year round, was $63,360.
According to the CPS, the median household income was $70,784 in 2021.
https://en.wikipedia.org/wiki/Personal_income_in_the_United_... https://en.wikipedia.org/wiki/Household_income_in_the_United...
The other option is endlessly printing money, which causes hyperinflation and you get an Argentina/Turkey/Weimar Republic situation.
Of course it’s promoting Communism.
So it’s better that they don’t get hired at all and live entirely off support of the (forced) largesse of the tax payer?
As one of those tax payers I’d much rather they work and earn at least something.