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