Economics

Check Out How High Fast Food Prices Would Go with a $15 Minimum Wage

Proponents of  $15 an hour minimum wage care about only one thing – minimum wage workers making a “living wage.”

A noble effort, no doubt…but proponents miss the point entirely.

Raising minimum wage would only help for a short period of time – because the market would correct itself and prices would rise, making the now $15 minimum wage just as useless as a $7 minimum wage.

Do you really believe that a company will double (or more) their salaries, but keep everything else exactly the same? That would be idiotic.

The business could not survive if it did that. Either they will fire employees and hire less in the future, or they will drastically raise prices, or — the most likely option — they will do some combination of both.

A new report released by the Heritage Foundation shows just how drastically business would have to cut hours and raise spending if we raised the minimum wage. They even produced this awesome chart to show you just how bad things would look…

ib4272-chart-2

Raising the minimum wage is a bad idea – no matter how you slice it.

minimum wage

The views expressed in this opinion article are solely those of their author and are not necessarily either shared or endorsed by EagleRising.com


About the author

Onan Coca

Onan is the Editor-in-Chief at Liberty Alliance media group. He's also the managing editor at Eaglerising.com, Constitution.com and the managing partner at iPatriot.com. You can read more of his writing at Eagle Rising.
Onan is a graduate of Liberty University (2003) and earned his M.Ed. at Western Governors University in 2012. Onan lives in Atlanta with his wife and their three wonderful children.

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