Re: Will Biden raise the federal minimum wage from 7.25 USD per hour to 15 USD?
The sudden increase in wages may cause demand and supply shock and people won't be willing to do business if they aren't making enough profits.
If a country wants to shine then they need to support the entrepreneurs as well as the workers. So increasing the profits making opportunities to the owners should be done first before increasing the wages or else it will end up in a mess.
Well, Promises are just promises for the political leaders so don't have hope that will become true.
If a country wants to shine then they need to support the entrepreneurs as well as the workers. So increasing the profits making opportunities to the owners should be done first before increasing the wages or else it will end up in a mess.
Well, Promises are just promises for the political leaders so don't have hope that will become true.
Small companies have a smaller margin. Many of them simply cannot afford to absorb the impact of high minimum wages. In fact there are small business owners out there who if they hire full time workers at 15 dollars an hour those workers will actually make more money than the owner. The other said that if the government raises minimum wage too much he will shut down his cleaning business and apply for work at a larger company. But then of course he will then have to compete with hundreds of other unemployed people.