RE: About minimum wage
October 9, 2016 at 2:16 pm
(This post was last modified: October 9, 2016 at 2:34 pm by johan.)
Read what I wrote. I said total cost to produce a product increasing by 20%. That's not the same thing as increasing just wages by 20%. Wages are only one of many costs involved in getting a subway sub made and sold. If the TOTAL cost to produce that sub increased by 20% you can be sure the retail price would reflect that increase. And that is what I was saying in the post you quoted.
Raising the minimum wage by the proposed 66%-107% would cause an increase in the price of nearly everything. Which means the cost of living goes up nearly in proportion to wages i.e. not much changes.
I agree that raising minimum wage by only 20% would not have the same impact on prices. But raising minimum wage by 20% is not what is being proposed and would not get anyone currently on the raise minimum side of this debate to stop pushing for the $15/hour they're currently pushing for.
Raising the minimum wage by the proposed 66%-107% would cause an increase in the price of nearly everything. Which means the cost of living goes up nearly in proportion to wages i.e. not much changes.
I agree that raising minimum wage by only 20% would not have the same impact on prices. But raising minimum wage by 20% is not what is being proposed and would not get anyone currently on the raise minimum side of this debate to stop pushing for the $15/hour they're currently pushing for.
