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When data is woefully incomplete (or purposefully narrowed), theory tends to stay uncorrected. You're scratching the surface which is great, but look closer. All research up until the late 2000's has focused solely on whether or not employment levels tend to change as a result of MW policy. It's only within the last few years that anyone has even bothered to research other impacts.
The optimal result of MW would be businesses doing nothing but paying more and absorbing the cost as impact to profit where possible. Every other possible outcome represents results that work against intent to varying degrees. The reality is that MW policy can't control what the impact of raising wages are, at all. There are countless options for a business facing labor priced higher than their own valuation of it, and many businesses exercise them. Just one example: a business can easily force employees receiving MW increases to increase their output per time, which is an uncontrollable effect that runs counter to intent and is not considered to any extent at all in any research.
There are only a couple of recent studies that even consider anything beyond employment levels, one being higher prices. Higher prices alone widen the scope of possible impact from within a business out into the marketplace, where it can actually affect other minimum wage recipients through cost of living. In other words, not only can minimum wage policy not control where the costs it incurs goes, cost can (and often does) affect other MW recipients, diminishing the increase. MW recipients may even be impacted disproportionately compared to others. And that's only considering the damage directly to MW recipients.
Research to date has been incomplete to the point of embarrassment due to the sheer number of economists directly involved who conclude that MW policy has no adverse effects as well as full PhD economists (some also recipients of the Nobel Prize for their work) similarly citing it as evidence. My guess has always been that 1) many economists (the #s might actually shock you) exhibit clear failures in understanding or acknowledging the totality of how economic systems actually work (especially with regards to the human element), 2) many economists appear to be compromised by political convictions based on critically incomplete views of reality, and 3) many economists don't question work when it is in line with those views.
If 1+1 = 2 then raising minimum wage is adding labor cost to the final product or service which is a form of inflation and the right wing nut job's math.
You somehow think adding labor cost wouldn't increase the cost of the goods. So your math must not be 1+1=2 but what then?
By the way, still waiting for the $0.50/loaf bread that you promised me while my right wing cons' math tells me that is a mathematic impossibility.
You mean the better paying jobs that have been sent overseas?
What is completely astounding to me is you comprehend that better paying jobs have been sent overseas where wages are far lower, but you cant connect the dots that raising wages, will cause more jobs to go to where wages are lower..
If 1+1 = 2 then raising minimum wage is adding labor cost to the final product or service which is a form of inflation and the right wing nut job's math.
You somehow think adding labor cost wouldn't increase the cost of the goods. So your math must not be 1+1=2 but what then?
By the way, still waiting for the $0.50/loaf bread that you promised me while my right wing cons' math tells me that is a mathematic impossibility.
Who is proposing to double the minimum wage?
As for your loaf of bread, you are just gonna have to wait forever if you can't figure out how to make it yourself. Do you even know how to start a business?
If you dont think increasing the minimum wage will increase the cost of products, tell me where the hell the money is going to come from..
From the billionaire business owners profit of course. Everyone knows that every business owner is just like Scrooge McDuck and sleeps on a pile of money he stole from the poor workers.
They've said it in this thread and others, they expect the business owner to just absorb the extra cost and have less to invest back into the business or less in his/her own pocket. They seem completely out of touch with the reality that the vast majority of business owners are not like Gates or Jobs and aren't making hundreds of thousands if not millions per year.
As for your loaf of bread, you are just gonna have to wait forever if you can't figure out how to make it yourself. Do you even know how to start a business?
So now we need to add the bread companies onto the long list of businesses urban hates...
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