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One of the simplest and most fundamental economic principles is that people tend to buy more when the price is lower and less when the price is higher. Yet advocates of minimum wage laws seem to think that the government can raise the price of labor without reducing the amount of labor that will be hired.-Thomas Sowell
Which might be Ok if NO illegal aliens were in the US because they suck down wages.
If that's what the business wants to do then they should offer that wage.
The consumer can then vote with thier wallet. <shrug>
You can bet however that the company won't be hiring many typical minimum wage employees but will be skimming the cream off the top. Anyone unclear on this, go visit a Costco....then go visit a Walmart.
Federal minimum wage...$7.25/hour x 40 hours per week: $290 week or $15,080 annually.
Who actually works and gets paid for 40 hours every single week? (Min wage jobs generally do not provide paid holidays and paid vacation or sick or personal leave time.)
One of the simplest and most fundamental economic principles is that people tend to buy more when the price is lower and less when the price is higher. Yet advocates of minimum wage laws seem to think that the government can raise the price of labor without reducing the amount of labor that will be hired.-Thomas Sowell
Too many people comment without any budget experience. And it's simple math too which is frightening. Budget Labor for $60 means 3 people at $20 or 4 people at $15.
According to easily searchable data available, your statement is patently false. The most prosperous time in US history, the frequently cited "good ol' days" of the 1960s, the minimum wage was about $10 per hour, adjusting for inflation. Why wasn't unemployment in the double digits back then?
The seeds for global competition were sowed in the 60's, beginning with the steel mills.
Technology had yet to be invented, let alone become affordable enough to eliminate the tens of millions of jobs that it eventually did.
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