|
I don't buy the bullet points pushed by pundits when "raising the minimum wage" is discussed.
One of the current hallmarks of today's economy is "high productivity"
I think that just means that employers are getting more product out of every employee.
But it also probably means they are paying the least amount of wages they can,
and their employees are working about as hard as they can.
If such is the case, employers are not as likely to lay off the workers they have now.
If they did, there were be fewer products and lower profits.
Consider a restaurant, if they laid off waiters/waitresses or cooks,
fewer meals would be served, and profits would go down
Instead, I think they will just pay the new minimum wages, and move on.
|