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"when you raise the minimum wage, prices increase" You state that as if it's a fact when it is not. Prices may increase for some goods/services. But many goo
by rmah 11y ago
"when you raise the minimum wage, prices increase"
You state that as if it's a fact when it is not. Prices may increase for some goods/services. But many goods/services prices are not set by the costs involved but by what the market will bear. The other option is that profit margins will narrow. Or, as is more typical, a combination of both.
- JonFish85 11y ago"by what the market will bear. The other option is that profit margins will narrow" You say this back-to-back, but seem to completely ignore the fact that the market can bear a higher cost once the minimum wage is raised. Sure, $15/hr won't affect the price of Porsches or Lexuses, but the lower-priced goods that someone making minimum wage is buying will likely be affected.