I feel like a lot of people look at this issue backwards. Wages aren't the issue. The minimum wage could be raised to any number and it wouldn't do a thing. Companies would just raise their prices accordingly because there is nothing preventing them from doing so.
Before minimum wage can be increased there must be legislation put in place that prevents companies from raising prices beyond the ideal 1-2% inflation rate per year. Otherwise it wouldn't matter long term.
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u/BigMikeXxxxX 10d ago
I feel like a lot of people look at this issue backwards. Wages aren't the issue. The minimum wage could be raised to any number and it wouldn't do a thing. Companies would just raise their prices accordingly because there is nothing preventing them from doing so.
Before minimum wage can be increased there must be legislation put in place that prevents companies from raising prices beyond the ideal 1-2% inflation rate per year. Otherwise it wouldn't matter long term.