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DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » "$15/hr will kill small b... » Reply #28

Response to SlogginThroughIt (Reply #21)

Fri Feb 26, 2021, 10:45 AM

28. That depends on the business.

If they have to pay higher wages, they will have to increase prices, but everyone else will be in the same boat, so they will remain competitive with other businesses in the market they serve.

When costs change, prices change. If costs change for everyone, everyone's prices change.

If wages go up, those impoverished areas will be less impoverished. Workers in those areas will have more money to spend.

There will be short-term effects and long-term effects.

Short-term - Increasing minimum wages will require adjustments in the prices all businesses that hire minimum wage workers charge for goods and services.

Long-term - Increasing wages will improve the economy, especially in impoverished areas.

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SlogginThroughIt Feb 2021 OP
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LineLineLineReply That depends on the business.
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