General Discussion
In reply to the discussion: Let's pay 16 year olds $31.2k to sweep floors!!!! [View all]Downtown Hound
(12,618 posts)What do you think costs more jobs, a few businesses going under because they can't pay a $15/hr minimum wage, or a population to poor to buy anything extra because all of their meager earnings went to simply having a roof over their head (if they're one of the lucky ones)?
High wages means greater purchasing power, which means...stronger economy. The problem for the super rich is that the wealth would be more spread out, and not so concentrated in the hands of the few. Hence why they have almost always opposed minimum wages increases. I remember people like you making the same argument in the 90's when they raised the minimum wage to a meager $5.00 per hour. Guess what? The economy kept plugging along just fine. In fact it did quite well in the 90's as I recall.