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Reply to "Help me understand the impact of a $15 minimum wage? "
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[quote=Anonymous][quote=Anonymous]The cost will be passed along to the consumer so the companies can keep making a comparable profit. In some states, the labor input to the price of goods will more than double. Some small businesses will not be able to stay in business because fewer people are willing to spend $7 on an ice cream cone as opposed to $4.50. My family is lower middle class and I know we will have to cut back on things like that if prices go up because our budget is very tight. I do support an increase in the minimum wage but there are definitely costs. [/quote] There are definite costs, but the question is whether the benefits exceed them and whether those who should bear them, are. Smaller businesses are lean to begin with. So yeah, they may increase prices or the owners may see profit losses. Then again, they might not if people in their market have more money in their pockets to spend. It’s going to vary by industry/location etc. It’s not an open and shut discussion though.[/quote]
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