Quote from: davis196 on January 22, 2021, 06:28:45 AM

Will the US business suffer from the increased labor costs?
Will Biden and the democrats keep their promise?
Stupid question:Will the American working class buy more Bitcoin,if they have bigger salaries? Grin

Some economists say that the current federal minimum wage is way lower than the labor productivity,so increasing the minimum wage will lower the profits of the business,while boosting the consumption of the working class.

Everyone who thinks 15 dollars is "impossible" should realize that if the federal minimum wage kept up with the federal inflation, it should have been 23 dollars right now. Which means every business should be earning enough to pay people 23 dollars per hour, and if they do not offer that and they will "go bankrupt if they pay 23 dollars" that means they didn't increased their prices according to the inflation neither, and that is the wrong part.

We have tens of millions of jobs that corporations pay as minimum as possible, specially working people under 40 hours but do not make them work 10-20 neither, they make them work 39 hours exact so they do not have to give them benefits, and in the end we are talking about is 15 too much. 15 is not too much, 15 is exactly what every business has to pay and the ones that can't should not exist because they are failed business' if the only thing that makes them stay afloat is 7.5 dollars per hour difference, a good business would survive that and even more.