Re:Millions in U.S. Climb Out of Poverty, at Long Last
by crdoconnor on Monday September 26, 2016 @05:53AM
(#12580527)
>Businesses have two ways to compensate for the higher cost of labor that has been imposed on them: they can hire fewer people, and they can raise prices.
This is the "big lie" about the minimum wage.
Reality is that profits get hit first and profits get hit hardest.
Business lobbies and restaurant associations spend millions lobbying to prevent minimum wage increases. That would be completely irrational behavior if they could just pass on the costs to the consumer.
This is the "big lie" about the minimum wage.
Reality is that profits get hit first and profits get hit hardest.
Business lobbies and restaurant associations spend millions lobbying to prevent minimum wage increases. That would be completely irrational behavior if they could just pass on the costs to the consumer.