sabvre42 said:
Teeqoz said:
Cost of living for low-income workers might be up 20-40%, but cost for middle class? Lmao, no. Iphones, Xboxes/Playstations, electricity, house rent, real estate prices (in middle class areas), gasoline and a ton of other things will barely budge by a minimum wage increase. Cost of living for middle class will be marginally higher, not even close to 20%, not to mention 40%.
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Do you understand or know what "cost of living" actually is?
Cost of living is not measured as a % of someone's wages but a set amount. That set amount will increase by 20-40% across the board for all classes. Yes, this will have a lower impact on the middle class than the poor as they have more discretionary income... but its still a loss of discretionary spending.
Also, electricity, consoles, phones, and all sorts of consumer goods WILL see a rise in cost. Customer services centers, distribution centers, retail centers all employee people below $15 an hour.
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That is true, but it doesn't really matter for the point I was making. Impact on middle class will be marginal.
The small impact it will have on middle class disposable income will be negated by the benefits of the low-income workers getting paid more. If income for low-income workers increase by more than the cost of living increases, and the increase in cost of living has a miniscule impact on middle class, overall household spending would increase, positively affecting the economy, and in addition federal expenditure for government expenditure for governmentsl assistance would decrease, what's not to like really?
