Speaking of dumb...
My son is now 250 miles away, participating in a state program at a Virginia University. Yesterday, a state delegate arrived and gave a talk.
The guy was obviously a Democrat because during the Q&A, one of the kids asked him whether a $15 minimum wage would cause inflation and he trivialized the concern. "Yes," he said. "But not very much."
WRONG! Where do they find these fools? Transferring money from business owners to employees does NOT cause inflation.
As I've previously stated, when some business owners raise their prices - perhaps even an entire industry - loyal customers will then have less money to spend at other businesses... which will then be forced to lower their prices as demand falls. Ultimately, it's a wash. No inflation.
What DOES happen when the minimum wage goes up is that low-end jobs become harder to find. When it leaps from $10 to $15, they will be MUCH harder to find.
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