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Originally Posted by ItalianStereotype
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Originally Posted by Courage the Cowardly Dog
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Originally Posted by kahljorn
Does raising minimum wage by a dollar really have that big of an effect?
Seriously.
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I have friends who don't make $6 it's HUGE difference. but $7.50 is kind of binding the hands of midwestern companies where the economy won't support a wage that high.
My local walmart pats 5.25 an hour. It may be poor but it's the prevailing wage. Mark my words if you raise it to $7.50 we WILL lose our jobs and face a new great depression in the midwest where no new businesses will rise and only the lucky will be able to keep and hold a new job.
I say raise it to $6.50 nationawide BUT NO MORE FOR NOW! We can not afford it where I live. |
well, what would most likely happen is that wal-mart would raise the prices on their merchandise and other business would follow suit. I'd say the case for a mid-western "new great depression" is a bit overstated. |
Well first of all IF inflation takes care of it, it will be meaningless to the people getting the raise because the money will be devalued.
BUt that is a best case scenario that would cause Inflation.
BUT there are other side effects. Interest will increase which means small business loans will be impossible and the ability to start new jobs will be dead cause new businesses in my region can not pay that. Even mortgages will be exorbinent because of the interest raise so new home owners will fall off greatly.
Seriously where i live the prevailing wage is starting out at $6. And extra $1.50 per person per hour would cripple us not only locally but in a worldwide market. The increased prices means everyone will get products made in cheaper countries (more so then usual cause "made in america" is gonna cost a LOT more) If you want to raise it that high You have to eliminate Nafta.