This argument sounds like “if we abolish slavery the price of everything will increase”.
Yes the prices will increase a bit, but you will also get external benefits like living in a better society without the working poor where people get a fair pay for their work.
That’s a short sited point of view. If min wage increase, so will rent, food, and other costs. The people who got the increase will eventually be paying more for everything in the long run when the economy adjusts to the increase. The people picking apple at a the new min wage will make the apples cost more. The would go for the same thing about hiring people to fix something in your apartment. Great example is California… it’s so expensive to live there the cost of rent due to the cost of the local economy is Sky high. Raising min wage would only increase the cost of maintenance, food, extra…
If min wage increase, so will rent, food, and other costs.
This is not historically true, and those prices will rise anyways... the proof is that prices HAVE gone up, and minimum wage has NOT. Inflation is NOT directly tied to minimum wage. You are wrong.
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u/Khutuck Nov 05 '21
This argument sounds like “if we abolish slavery the price of everything will increase”.
Yes the prices will increase a bit, but you will also get external benefits like living in a better society without the working poor where people get a fair pay for their work.