02-18-2016, 01:26 PM
(02-18-2016, 12:00 AM)bfine32 Wrote: 97.5% of workers 25 and older make above minimum wage, I see you threw out a $12 number, is that what you suggest a mandated minimum wage should be?
To suggest wages forcibly are increased to a $12 level and prices of goods and services does not go up is just absurd.
How can it have such a huge impact if so few people make minimum wage? The fact is that raising minimum wage would only have a very minor effect on prices. Labor is only a fraction of the cost; only a fraction of the workforce makes minimum wage; and the increase on this fraction of a fraction would only be about 20%.
Also when you consider that the higher paid jobs pay 5 to 10 times minimum wage it shows what a small impact raising minimum wage would have on the cost of labor.
We are all paying higher taxes because of all the people receiving government benefits. By raising minimum wage we reduce government benefits and save tax money.
