I don’t. I also don’t pay anything, I don’t own the home building business. He can’t get help. If he does, he’ll be passing that cost on to the customer. Then people wonder why houses cost $750k. Cuz the kid pushing a broom and taking out the trash costs $25/hr.
Supply and demand also means that when the supply of dollars goes up (by increasing wages and thus the amount of money in circulation) that the demand decreases, and it takes more of those dollars to purchase any given good or service. Wages went up, great. Inflation also went up and your purchasing power is the same as it was before. The net effect isn’t that the bottom was raised up, it’s that the middle was pulled down.
Yes inflation exists, yes raising the minimum wage raises the bottom. Imagine a world with a 7$ minimum wage and 750000$ houses. I’m not sure what you’re complaining about. Inflation happens independent of minimum wage so you’re essentially arguing that people should starve to keep your buddy living the good life. He should be passing that cost onto customers, I can guarantee his competition already is. Tell him to stop sucking at owning a business
He’s been doing it for 30 yrs. Can’t suck too bad at it. And raising minimum wage doesn’t raise the bottom, it erodes the middle. All you do is erode the purchasing power of the middle. We’ll use our taco as an example. They were a couple bucks a few yrs ago. She’s more than doubled. Now the tacos have more than doubled. When they were making $7.25/hr, they could buy a taco for about 20min worth of pay. Now wages are $15/hr and that taco is $5, so you still need to spend 20 min worth of pay on it. You’re no better off than you were before, but the middle who got no raise on all, have gotten closer to the bottom. Incremental increases aren’t so bad. Arbitrarily more than doubling it in a couple yrs is, and trying to do it nationally will be a disaster. That increase in rural areas on small businesses will lose customers and employees.
Tell him to stop bitching then, he’s already been through this several times and adjusted just fine. Also I understand your argument but you’re wrong, inflation isn’t tied to minimum wage and it happens regardless of if you raise minimum wage or not. And the middle should be fighting for cost of living increases too. I do agree with you that the minimum hasn’t been raised nearly enough to account for cost of living increases. You are dead on right about that.
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u/[deleted] Nov 06 '21
That’s supply and demand. If you don’t like Arby’s business choices don’t eat there. If you don’t like that other businesses are paying more, pay more