Reduces the value of old money and raises the value for new money. Unless, you have the ability to leverage the market before everyone else.
Pulls everyone down to the bottom. If minimum wage was $7.50 and you're making $15.00, your value is twice that of minimum wage. Once they raise the rate to $15.00, your value is reduced in half, along with everyone in between. Even the guy who makes $18.00 now feels like a chump. Race to the bottom. Large corporations raise their rates, while the smaller businesses have to play catch up, or wait for the market.
The only people who benefit from minimum wage increase is people with capital to outmaneuver the competition. Whether that's Walmart with lower prices, someone buying up failed resources for cheap, etc.
It was the same thing when they doubled the workforce by bringing women into the workforce en masse. Families now supposedly had double the income, yet for some reason people aren't double as well off.
This. More outsourcing of jobs, more under the table illegals driving legal workers out of the market. If anyone wants increased wages then the government needs to crackdown on illegals driving down wages. In Colorado many billionaires buy giant ranches as a trophy for their wealth. They can afford to hire Americans to work these ranches, they don’t. Just one example, there are many many more.
Reduces the value of old money and raises the value for new money. Unless, you have the ability to leverage the market before everyone else.
Pulls everyone down to the bottom. If minimum wage was $7.50 and you're making $15.00, your value is twice that of minimum wage. Once they raise the rate to $15.00, your value is reduced in half, along with everyone in between. Even the guy who makes $18.00 now feels like a chump. Race to the bottom. Large corporations raise their rates, while the smaller businesses have to play catch up, or wait for the market.
The only people who benefit from minimum wage increase is people with capital to outmaneuver the competition. Whether that's Walmart with lower prices, someone buying up failed resources for cheap, etc.
It was the same thing when they doubled the workforce by bringing women into the workforce en masse. Families now supposedly had double the income, yet for some reason people aren't double as well off.
This. More outsourcing of jobs, more under the table illegals driving legal workers out of the market. If anyone wants increased wages then the government needs to crackdown on illegals driving down wages. In Colorado many billionaires buy giant ranches as a trophy for their wealth. They can afford to hire Americans to work these ranches, they don’t. Just one example, there are many many more.