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It'll do more damage in the long run because businesses care more about the bottom line and corporate bonuses. I have lived in poverty most of my life, and that was with my parents on minimum wage. It's extremely difficult and it's becoming harder. However, businesses will simply raise product costs or eliminate workers hours so they don't have to pay benefits or they'll eliminate them outright. The entire system is fucked.

CEOs work hard, but they don't need millions upon millions of dollars while your lowest level employees earn jack shit.