Msg. 02310 of 47202 (This msg. is a reply to
02308 by
DGpeddler)
Jump:
DGPeddler:
re: "Raising the minimum wage also causes
inflation to be bigger. All items
sold to the public increase in price."
That's what you'd think, but actually it doesn't cause inflation.
Certainly, the employer has to raise his prices in hopes of making the same profit. But consumers have finite disposable income and must now decide whether to spend their money on the more expensive hamburgers or the [relatively] less expensive bologna sandwiches. SOME of them will adjust their lunch spending habits and the burger joint will get less business. OTHERS of them will not change their lunch spending habits, but they'll now have less money to spend on TVs and automobiles. The law of supply and demand comes into play and the retailers of TVs and automobiles will have to lower their prices. Overall, the price increases in the burger joints will be offset by the price decreases in the television and automobile industries.
Inflation isn't a price increase by a single vendor or industry. It's a SYSTEM-WIDE increase in prices. Inflation can only happen when system-wide there is more money, or when system-wide there is a decrease in productivity. (It's actually when the rate of money printing outpaces the rate of productivity increases.) Neither of these is the case when employers are forced to pay some of their employees more.
The real risk imposed by a minimum wage increase isn't inflation but a loss of jobs and, potentially, the collapse of businesses that rely heavily on low wage employees. Government will see both as a loss of tax revenue.
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
Raising the minimum wage also causes
inflation to be bigger. All items
sold to the public increase in price.
Store owners price their merchandise
based on the cost to sell it. While
the cost to buy the goods wholesale
may remain the same, labor costs can
raise the price. And while liberals
do not seem to understand it,
businesses are in business to make
a profit. BTW, as wages go up, the
hard workers have to do more work
because the least productive get
laid off.
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