So what happens when the government dictates $7.50/hour for a job the market is only willing to pay $5.00/hour to see performed?
HINT: nothing
People stop paying to have the job done.
Here's a basic economic tenent you might have missed:
$5.00/hour > $0.00/hour
I'm gonna guess you're also in favor of flooding the labor market with illegals who would do a job for a fraction of legal immigrants/citizens.
Hi Snuggle Bunny,
Actually something does happen every time the minimum wage is increased. First, many union contracts are tied to that number so some union members get increases that ripple all the way up the line.
Second, many years ago I used to work for a company that employed thousands of workers at minimum wage. My comments were also verified by Senator Connie Mack a few years back when I attended a breakfast meeting. Basically companies that employ lots of minimum wage workers cut back on hours so it does create more unemployment at the one spot you want to add to the employment figures. That, in turn costs all the taxpayers money for more food stamps, etc.
Let's say you ran a retail outlet that employed many minimum wage or entry level workers and you had a payroll budget of $100,000. Now the minimum wage goes up 10%, I can guarantee you that your budget will not go up, you will be told to make your numbers however you have to do.....so you either fire someone or cut back on hours. They have proven that time and time again but the libs do not care because it panders to the union vote.....and indeed drives more jobs offshore.
Why do folks find themselves standing in long lines at McDonalds and other places like that? The other day I was 12th in line at Burger King and remarked to the guy in front of me, this used to be called fast food. Not anymore.
Happy New Year,
5412