A question concerning economics & minimum wage

[Sharpryno]

 

sabvre42 said:

Teeqoz said:
Higher minimum wage = more spending by people (people with low wages spend more of their money than the über rich ones who just keep their money in stocks/bank accounts etc.) which leads to more demand, more products sold, less crime, and is overall good for society. Temporarily, some jobs might go away as those businesses that rely on paying their workers a sub-livable wage are forced to restructure, but quickly enough, businesses will adjust, and voila, you'll have a better society.

Thats a REDICULOUSLY flawed argument. Minimum wage causes cost of living inflation. If you double their income, they will NOT see double the spending power. The working poor (above minimum wage) and the middle class will actually see their spending power go down, and therefore there will be LESS products sold, and less demand.

Also note that those working at minimum wage now make up more than enough money in government assistance that their spending power will remain the same or go down.

It's really not.  If minimum wage went up to $9 an hour.  You think the cost of everything will increase by $1.75?  Not even close, maybe 10 cents.  

If you work 40 hours a week, no matter the job, you should be able to afford a decent living.  Not dirt poor poverty like we have today.  And companies cutting hours to under 30 so employees receive zero benefits simply needs to end.  

Too much greed in the world today.