Lawmakers believe they can create economic opportunity and prosperity by law. If they really believe this, then why not pass a law that says that everybody should get paid $40.00 per hour? If $15.00 is good, the $30.00 should be better.
Many companies live on thin profit margins. They are usually sole proprietorships with few employees. The owners make just enough money to live.
After paying workman’s comp, the employer’s side of Social Security and Medicare, utilities, taxes, rent, and insurance, there’s just enough to make a living.
But what often happens, governments come in and make it more expensive to operate a business. Sometimes it’s needless and burdensome regulations. Other times it’s mandating that businesses pay a certain wage.
A San Francisco bookstore “has announced it’s closing its doors, and the owners’ farewell note names the city’s $15 minimum wage as the main culprit in the store’s demise.”
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