OK, let's give a little lesson here.
Minimum wage is $5.15 an hour. Let's say we DOUBLE it (I know you guys aren't doubling it, but the math is easier)
OK, the guy at the grocery store was formerly paying about $100 a week to his cashiers. Now, he has to pay closer to $200 a week. That is a lot more money!
When he sells some fruit, he adds a $1.00 profit to every piece of fruit. So, to make up for the increased minimum wage, he now adds $2.00 to every piece of fruit.
So what happens? ALL THE PRICES DOUBLE! If you raise the minimum wage, it will only raise prices, and drive up inflation.
It sounds like a good idea, if you never took an economics class.
2007-04-05
08:12:05
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26 answers
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asked by
Anonymous
in
Politics