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Reply #: Raising the minimum wage is a very temporary bandaid. [View All]

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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-11-13 12:59 AM
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Raising the minimum wage is a very temporary bandaid.
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Once upon a time, many businesses were small. If costs went up, the owners "tightened their belts" and soldiered on, doing with a bit less.

No more.

A lot of small businesses have been gobbled up or driven into bankruptcy.

Also, no one ever thinks to make do with less.

Now, if costs go up, business owners raise prices, often well above the additional cost.

An increase in the miniumum wage will increase costs for businesses.

They will increase prices, often well above the additional cost.

Their price increases will ripple out, causing others to raise prices.

Before too long, the net result will be that workers have the same or less buying power than workers had just before the increase in the minimum wage.



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