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People already making about what the new minimum wage is will probably be hurt the most by the price increases. Most everyone below it should still benefit even
by jrs95 9y ago
People already making about what the new minimum wage is will probably be hurt the most by the price increases. Most everyone below it should still benefit even with the price increases. In that sense, minimum wage hikes are sort of a regressive solution to the problem, in terms of where the most harm falls.
- dragonwriter 9y ago> People already making about what the new minimum wage is will probably be hurt the most by the price increases. No, because they'll see the next highest (after those currently below the minimum) degree of upward pressure on their wages.
- jrs95 9y agoBut how long will that take relative to price increases?
- dragonwriter 9y agoEssentially no time at all. May even be quicker than price level increases, since the upward wage pressure may be felt once the minimum wage increase is set and publicly known, and before it goes into effect, and that leading upward wage pressure may be the first driver of price increases.