The rich are getting richer and the poor are getting poorer.
If minimum wage increased, companies would begin to loose revenue/profit.
To make up for that, wouldn't prices begin to rise?
So.....do you agree that inflation would rapidly accelerate?
2007-08-26 16:09:33 · 14 answers · asked by Chestnut_Hill_College_Undergrad 4 in Politics & Government ➔ Other - Politics & Government
No.
When people make more money, they tend to spend more money. So one must look at the possibility that if a person is making a higher minimum wage, they may go out and buy some clothing, a better car, or go to the movies. It all goes back into the economy.
The only way it would kill the economy is if the people that got a wage hike just kept the money for themselves and didn't put it back into society. . .
2007-08-26 16:28:43 · answer #1 · answered by volleyballchick (cowards block) 7 · 3⤊ 2⤋
Who pays minimum wage? McDonalds all over the country starts people out at $7 some times even $12 an hour depending on where you are.
That alone tells you there is no need for a minimum wage. Employers will pay what people are willing to work for.
2007-08-26 23:17:04 · answer #2 · answered by Anonymous · 1⤊ 3⤋
Spoken like a true conservative. Do you work for minimum wage? So let me get this right in my mind. You have a problem with some one getting 80 dollars extra before taxes over a two year period because it you think it will cost you a few extra bucks? Well, don't worry, the more expensive things you like will not go up because everyone that makes them is already above minimum wage.
2007-08-26 23:16:48 · answer #3 · answered by grumpyoldman 7 · 3⤊ 2⤋
Eventually Yes.
2007-08-27 05:22:56 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Prices are on the rise and with raising the minimum wage it helps the economy because minimum wage people will spend more, putting back the extra money they earn back into the economy
2007-08-26 23:15:47 · answer #5 · answered by import7us 1 · 1⤊ 3⤋
In theory, yes it increases the cost of living. However, prices of things increase without upping the amount of minimum wage. Face it, more and more people are living in poverty these days.
2007-08-26 23:18:21 · answer #6 · answered by Anonymous · 3⤊ 2⤋
No, the opposite has been demonstrated with each increase in the minimum wage (when was the last one?), people make more, they spend more, contrary to the "Chamber of Commerce" propaganda.
2007-08-26 23:59:19 · answer #7 · answered by HP 4 · 0⤊ 1⤋
Cost of living always goes up when the minimum wage is increased.
2007-08-26 23:14:09 · answer #8 · answered by Anonymous · 1⤊ 3⤋
No. Look up the states that have the highest paid employees (for min. wage) and Ironically..they have the best economy when it comes to wage/cost of living.
2007-08-26 23:13:33 · answer #9 · answered by Anonymous · 3⤊ 1⤋
Yes, it is highly inflationary and unfortunetely, hurts the very people that it is supposed to help. It also dampens job creation. Final result is less people making more money initially that soon loses its value and others not working that would be.
2007-08-26 23:55:39 · answer #10 · answered by Caninelegion 7 · 0⤊ 2⤋