Hey there, time traveller!
This article was published 27/6/2013 (1122 days ago), so information in it may no longer be current.
The question to ask proponents of raising the minimum wage to $15 an hour is why they are such pikers. If there will be no adverse effects to the economy, why not raise the rate to $20 or even $100 an hour? Why not $200 an hour to equalize us all with the income of doctors and lawyers? Just think of the dividends.
I would love to open a restaurant where I could pay the staff $20 an hour and have them all pensioned off at 55 years of age indexed to inflation. Plus give them all eight weeks of paid holidays and anything else that letter writers like Bill Rolls and Dan Cecchini (It's about 'people wealth,' June 26) would approve of -- if only I could stick them with the bill.
Are they prepared to pay $50 for a hamburger and $20 for fries? Where do they think the money comes from to pay wages?
When looked at under the economic microscope through a free-market lens, it becomes obvious any meaningful minimum wage is simply compulsory unemployment and raising that rate means more unemployment.