A pair of progressive Democrats unveiled a bill on Tuesday that would raise the federal minimum wage to $25 per hour, considered the bare minimum a single adult needs to meet the cost of living in much of the US.
The Living Wage For All Act is the first bill to be introduced by the newly sworn-in Rep. Analilia Mejía (D-NJ), who won a special election earlier this month after helping to lead the fight for a $15 minimum wage in her home state of New Jersey.
The impact of higher minimum wage on prices is way less than most people think.
First thing is that wages is only a minor share of the price already, with obviously minimum wage work again being only a minor part of the total.
The total of minimum wage workers in most companies is less than what the management makes. Sometimes even less than just the CEO. Have you ever heard fear of inflation or that prices increase because the CEOs are overpaid?
I haven’t, probably because the narrative is driven by the 1%, and has little to do with real economics.
One thing people also never seem to factor into raising minimum wage, is that it would give people more disposable income to spend on things like going to restaurants and buying more toys and such.
Everyone always seems to complain “How could I afford to pay my employees more!?” and they never seem to figure more people would be spending money on your business.
Also simply put, if you can’t pay your employees a livable wage, you shouldn’t own a business.