The person who actually owns a business says they are going to have to increase their margin by about 7% to stay afloat. I liked how the recent graduate complained about the cost of living, naively thinking that raising the minimum wage somehow wouldn't contribute to increased prices.
I don't see this as a point against the wage hike. 7% increase in margin is less then the percentage increase for the workers. Workers at the minimum level could absorb that 7% rise in living expenses and still come out with more leftover money to spend elsewhere.
I personally see these minimum wage increases as a short term solution to the overall welfare situation though. Long term, I'd like to see the discussion and possible fixes move more towards either a
gaurenteed minimum income or
universal basic income.
It would help cut down on some of the government bureaucracy with people needing to seek independent housing, food, medical, and income welfare. While still having enough controls in place for the minimum to allow for proper housing, etc.
Previous Topic
Index
