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[–] TexasComments [S] 2 points 1 point 3 points (+3|-2) ago
Not when people lose their jobs when businesses can't pay them and stay afloat.
[–] Ishamoridin 1 point 6 points 7 points (+7|-1) ago
This will happen with short-sighted businesses, sure, but higher minimum wage means more consumer spending which means more income for basically every industry that'll be affected by this.
I swear it's like people think money disappears once it's paid to employees.
[–] TexasComments [S] ago
Many businesses run on very small margins and could not afford to do that.
[–] ShadowMongoose 1 point 0 points 1 point (+1|-1) ago
Yeah, isn't it incredible that businesses have managed to survive, oh say...
Every minimum wage increase, ever
... Funny that they never seem to have a problem when it comes to the circlejerk of CEO/CO pay. That somehow is never a concern as to the impact it has on the cost of their product.
Even when the issue at hand is CEO's that rode their business into ruin. Nope, bonuses and golden parachutes all around for them.
[–] toker7 1 point 0 points 1 point (+1|-1) ago
It seems this has turned into a minimum wage debate. Lol.
Things to remember about a minimum wage raise:
Some business, especially those which are heavily labor dependent would be spending more on labor costs which would then cut into the profit line. However, labor costs are an above the line deduction which results in most business actually being able to escape a larger tax liability. Depending on the business, this may increase profits, decrease profits, or have a negligible difference. Meaning, no generality regarding the minimum wage impact on business is likely accurate, except that it will not impact all businesses the same.
While an hourly minimum would benefit the working class, history has shown that increased to an hourly minimum wage is a short term fix as inflation continuously decreases wages. Many states have attempted to combat this by tying the minimum hourly wage to inflation and adjust it every year, such as Washington State. However, there are other prosed ways to combat inflations effect on minimum wage as well.
Minimum wage often does not apply to service employees such as waiters and waitresses. For example, living in South Carolina working as a waiter your likely hourly wage is between $2.50 and $4.00 per hour plus tips.
That being said. It is very unlikely that a large amount of people would be put out of work due to a gradual increase in minimum wage because 1. it is not likely to have a detrimental impact on all business, 2. inflation is always decreasing the value of an hourly wage, 3. a minimum wage does not apply to every industry.