Is raising minimum wage nationwide a horrible idea?

[outlawauron]

kupomogli said:

phaedruss said:

kupomogli said:

Mystro-Sama said:
Doesn't this just cause inflation proportionally.

Product costs have been going up substantially even without minimum wage increases.  I live in Florida, and the minimum wage has went up less than $1 in atleast 15 years.  At the same time, the majority of necessities like food items have went up $.50-$1 each while also coming in smaller sized portions. With how much costs have increased on product in the past 15 years compared to the how much minimum wage has went up, it's yet another example of the rich getting richer and poor getting poorer.

There are many causes of inflation, the minimum wage is just one.

Minimum wages increarsing inflation is minimal.  Let's say Walmart has 50 people working per store.  If there was a $2 minimum wage increase, for 8 hours a day, those 50 people would be paid $800 more per day per store.  An additional $.01 per item or items that are more frequently purchased and they'd make far beyond that $800 they lost.  How about that same $2 increase for a fast food restaurant where there's maybe 10 people working the entire day.  That's $160.  The cost increase in order to make that amount back for  the company would be next to nothing.

Well this is entirely wrong. It's not about making back the decreases but increasing profitability. Still being profitable isn't acceptable. So, in order to maintain that same level of profit, they're going to increase the price. Increases in taxation, minimum wage, and regulation lead to very fast increases in prices of the goods and services provided.