Quote:
Originally Posted by Jibartik
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I wonder what happens in like 2 years, does mcdonalds cost $29.99?
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In places that have a high minimum wage, the price is comparable. Prices aren't solely determined by cost, though cost plays into it, they are determined by elaborate equations that take many variables into account. When wages increase the main effect is that capitalists pocket a smaller proportion of revenues as profit. What many people forget is that productivity has skyrocketed astronomically over the last 50 years, while wages have declined compared to inflation. McDonaldses were profitable back in the 1970's when they had to pay their burger flippers today's equivalent of $20 an hour.
Additionally, if your business relies upon slave wages that employees can't live on without sucking off the safety net, your business model is shit, your business is a drain on society, and it doesn't deserve to exist. Chick fil-A, In n' Out, Costco, Wawa, REI, Winco, and countless other businesses thrive while paying their labor well above minimum wage. In the short term, there would like be some loss in jobs as companies adjust their profit points and pass certain thresholds for automatization, but in the long term increased aggregate purchasing power would drive greater demand (trickle up economics), along with untold other benefits in general human welfare.
The fact that we couldn't pass such a popular idea is disgusting beyond belief. Our government remains broken beyond repair, Democrats are limp-dicked spineless pussies, and just as expected, Biden is only slightly better than Trump