Yeah, which is why the “if minimum wage increases, so will prices” aregument is BS. They were going to charge the highest price they thought they could either way, the difference is that they are forced to increase the amount that goes to the people they are trying to pay the least.
There is an element of minimum wage increasing, increasing prices because now there are more people that can afford to pay for things.
But yes it isn’t because costs go up, and it really only applies to things people on minimum wage can afford and it’s always less than the increase in wages.
This would impact the companies pnl though, so shareholders and c suite will get less money. That’s why they’re scaring people into not wanting to increase wage.
The hilarious irony is that is not even conclusive. There are plenty of studies, both real-world and contrived, that indicate that employers paying more, in broad, yields returns in excess of the added payroll costs.
Not only are there more customers, but increasing pay increases the quality and quantity of labor output.
Yeah, which is why the “if minimum wage increases, so will prices” aregument is BS. They were going to charge the highest price they thought they could either way, the difference is that they are forced to increase the amount that goes to the people they are trying to pay the least.
There is an element of minimum wage increasing, increasing prices because now there are more people that can afford to pay for things.
But yes it isn’t because costs go up, and it really only applies to things people on minimum wage can afford and it’s always less than the increase in wages.
This would impact the companies pnl though, so shareholders and c suite will get less money. That’s why they’re scaring people into not wanting to increase wage.
The hilarious irony is that is not even conclusive. There are plenty of studies, both real-world and contrived, that indicate that employers paying more, in broad, yields returns in excess of the added payroll costs.
Not only are there more customers, but increasing pay increases the quality and quantity of labor output.