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Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess
They're not going to reduce prices, that would reduce short term profits, something bonus riddled CEO's fear more than anything. Yes, increases to minimum wage increases the cost of living, but the cost of living increase is BEHIND the minimum wage increase.
Why? Competition. It's one of those "free market" principles bandied about all the time by "conservatives".
So.. According to you, their labor costs go up, they get busier, they hire more (at the now higher wage) and magically reduce prices. :roll:
They're not going to reduce prices, that would reduce short term profits, something bonus riddled CEO's fear more than anything. Yes, increases to minimum wage increases the cost of living, but the cost of living increase is BEHIND the minimum wage increase.
Why? Competition. It's one of those "free market" principles bandied about all the time by "conservatives".