No of course not, the object is to make money. Besides fast food how many industries would 10.10 make a difference. And what about the argument that the higher wages for the working poor would help the economy, there is some validity to that.
It's also lazy and stupid to say "prices will go up". Not necessarily, or necessarily by much. To quote, re profit margins, "the profit share of national income is at an all-time high while the compensation share is at a 50-year low". Of course, that's averaging.
1) i dunno, but the point is this attitude that because it's a small increase and won't effect many business's is the problem. These little cost increases add up over time, and like gwb was stating in his post, they do end up pricing out the smaller players and raise the barrier to entry. this stifles competition and is bad for the economy. 2) all of my posts in this thread were about how it would (and has) hurt the economy. I don't see it as a valid argument at all.
This is a good example of why putting in place a punitive tax aimed at one particular sector of the economy always back-fires. If you tax everything that is sold equally, but as soon as you put in place any type of 'luxury tax' the unintended consequences tend to pile on quickly. For example, at some point someone proposed a 'luxury tax' on high-end expensive furniture that is sold to wealthy people. The reality is that this proposed tax would only serve to crush the sole remaining part of the furniture business that is still manufactured in the U.S. - leading to over 10,000 job losses in North Carolina and other states. Fortunately this tax proposal to 'stick it to the rich' never got anywhere.
well if you think prices are going to stay the same and companies are going to hire more people at higher wages, then you think they are going to eat the cost themselves, and i know that's not going to happen. And if you think they're going to make up for this with volume, because the min wage workers are going to spend more, then you are making the same argument that conservatives do for lower taxes. More disposable income = more spending, except in the latter case, it will be a much larger boost to the economy as the people effected are more numerous and have more income than min wage workers.
Businesses will take the path of least resistance to preserve their profitability. Some will raise prices, if that works. Others will lower employment (though they'll have to increase productivity). And others will shave margins. US corporate profits have never been higher (for some), so that last option has never been easier (for some).
The living standard of a countries people defines that country. Regardless if the wage is mandatory or not the lower the wages of the working poor the poorer and less successful that country is. Taking your argument to the extreme there should be no minimum wage and if an employer can get people to work for slave wages then that would be ok and good for our country. As for your statement that the minimum wage has hurt our economy I've seen no evidence of that and there is evidence to the contrary.