06-08-2016, 05:21 PM
(06-08-2016, 05:15 PM)Beaker Wrote: If wages go up 33% you can well bet the price of the goods wont only increase by 1 or 2%.
If there are currently 5 million people working full time for minimum wage (a number someone else posted) then raising their pay from $7.50 an hour to $10 per hour would only increase national total income by 2 tenths of one percent.
It just is not going to make that much difference. Labor is only a percentage of total costs, and wages earned by minimum wage earners is only a very small percentage of labor costs.
