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Reply #31: I don't think wages have to go up in order for prices to increase. [View All]

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kentuck Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-17-11 05:02 PM
Response to Reply #28
31. I don't think wages have to go up in order for prices to increase.
Edited on Wed Aug-17-11 05:03 PM by kentuck
I think there is still some competition in the market and if there are higher wages or higher taxes, competition has a lot to do with whether or not prices go up. With oil companies, it may not work. Monopolies can control the price, more or less.

However, if the minimum wage went up, that would put more money into the economy. Whether it would create inflation (higher prices) is not known as a fact.

If people are only patient and wait awhile, we will have an employees market. Then we can expect wage increases. Unfortunately, some people cannot wait. They don't eat every year or two - they eat every day.

Personally, I do not think a $10 minimum wage is too high.

Also, I think that if the business sector cannot create enough jobs for the people that need them, then it is the responsibility of government to help create jobs for these people. That is a legitimate purpose for government, in my opinion.
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