20 Feb '21 14:39>
@joe-shmo saidA $15 minimum wage was just a way for Biden to get votes. He knows congress will never pass a bill that reaches his desk, not right now. Maybe when inflation is hurting everyone they will and $15 will not buy much anymore.
How do you see a doubling of the minimum wage playing out? Who is going to absorb the loss of profit?
[hidden]Hint: It will be the same people who have always absorbed the loss of profits...the working class.[/hidden]
Businesses pass the wage expense to the consumer as much as they can. That includes the people making minimum wage. They buy stuff too.
What happens when the cost of OSB chip board sheets increases in price 300% like it did last year in the USA? Buildings become more expensive, right? Building are still being built though, right?
Wages are not the only increase in expense that businesses have to deal with. How is a doubling in minimum wage any worse than a doubling of gas and diesel? That has happened after GW Bush invaded Iraq. Did it ruin the economy? Why is that an acceptable higher expense while minimum wage is not?
If the higher fuel prices cost more than a minimum wage hike why can't the economy handle it? Explain the double standard.