Money is a resource. If you are forced to spend more, it must come from somewhere. Either by creating a worse product, buying inferior raw materials, or cutting the labor force.
As many companies want to keep their customers happy, they try not to decrease product quality or increase costs.
What would happen if they raised the minimum wage to $2,000 per hour? Companies obviously couldn’t survive, many people would be fired, and prices would skyrocket to keep up.
The same thing happens on a smaller scale with a $2.00 increase.
Well, yes exactly. If they cannot afford to pay employees, they will have to make sacrifices, downsize, etc. That's sort of the push/pull of the free market. The answer isn't to cut paychecks of your workers
I agree that you can't raise the wage to 2,000 per hour. Nobody could afford that. But you can't say that it's the same as a $2 increase.
$2000 and $10 minimum wage create the exact same problems. They just become more noticeable with the higher amount.
If you are truly interested in learning more, I definitely recommend reading Sowell’s Basic Economics. It uses many real data sets and examples that show how harmful minimum wage laws are.
No, they really don't. The only thing it has in common is that the minimum wage increases. A $2000 increase is insurmountable and unreasonable. A $10 raise, less so. To compare the two only makes an excuse to keep it the same for no reason.
It makes sense to raise the minimum wage in accordance with inflation and rising cost of living. I recommend taking a look at this hard data.
Why do they have less entry level positions? Why can't they just pay the entry level positions more?
Is this a serious question?
Money is a resource. If you are forced to spend more, it must come from somewhere. Either by creating a worse product, buying inferior raw materials, or cutting the labor force.
As many companies want to keep their customers happy, they try not to decrease product quality or increase costs.
What would happen if they raised the minimum wage to $2,000 per hour? Companies obviously couldn’t survive, many people would be fired, and prices would skyrocket to keep up.
The same thing happens on a smaller scale with a $2.00 increase.
Well, yes exactly. If they cannot afford to pay employees, they will have to make sacrifices, downsize, etc. That's sort of the push/pull of the free market. The answer isn't to cut paychecks of your workers
I agree that you can't raise the wage to 2,000 per hour. Nobody could afford that. But you can't say that it's the same as a $2 increase.
$2000 and $10 minimum wage create the exact same problems. They just become more noticeable with the higher amount.
If you are truly interested in learning more, I definitely recommend reading Sowell’s Basic Economics. It uses many real data sets and examples that show how harmful minimum wage laws are.
No, they really don't. The only thing it has in common is that the minimum wage increases. A $2000 increase is insurmountable and unreasonable. A $10 raise, less so. To compare the two only makes an excuse to keep it the same for no reason.
It makes sense to raise the minimum wage in accordance with inflation and rising cost of living. I recommend taking a look at this hard data.