Quote:
Originally Posted by woj
you are assuming that people that earn $7.50/hr now, will just get a raise to $9.00/hr...
but that's not likely what will happen, many will get a raise like you stated, but some will get laid off... so while lets say 8 Million people will be better off, 2 Million may lose their jobs...
so the proposed policy will not only cause a rise in inflation but also a rise in unemployment, how could that possibly be good?
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Since we're speculating....
Once again, we're talking about a comparatively microscopic amount of money here. So the idea that it's going to lead to some big bump in inflation makes no sense. Sure, companies can raise their prices slightly but, who's really gonna notice a
bump in the price of toilet paper at walmart?
I seriously doubt 2 million people would lose their jobs. Companies still need workers to stock the shelves and say 'would you like to super size that?'
I didn't know this, but 2/3 of low-wage people work for large, highly profitable corporations who not only can imperceptibly pass on the cost, they could absorb it without flinching. Not that the latter would ever happen...
Chart of the 20 largest low-wage employers.
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