Is raising minimum wage nationwide a horrible idea?

[outlawauron]

PDF said:

outlawauron said:

PDF said:

Australia has a $15 minimum wage, yet the price of a combo meal is still comparable to the US. 

 To deny prices will rise some is niave and stupid.  However to pretend all the bill of a higher minimum wage will be footed to price is also niave and stupid.  Competition will keep companies from sharp price increases.  Instead it will be a slow rise in prices.  There won't be a skyrocket affect of inflation. 

Corporations will also benefit from consumers having more expendable cash.  SInce most companies are economies of scale, this will greatly benefit them as they will  gain more customers.

Bringing it up to $10 to match what we had in the 70's is more than doable.

No it isn't. It's not even close. I spent nearly 2 weeks in Australia and another week in New Zealand. Everything I bought was at least 50% more expensive for the same product in the US. 

I don't think anyone denies that minimum wage needs to be increased a bit, but the $15 suggestion is a joke.

http://www.statista.com/statistics/274326/big-mac-index-global-prices-for-a-big-mac/

Exchange rates must have been awful when I visited years ago, because everything was $2-3 AUD more than it would have been in USD. I remember going to low profile resturants and my meal being over $20 for a very small amount of food. Things that would expected to cost around $10 in the US.