actually meritocracy goes out the window. Wage inflation fucks those who are talented but earning 20/hour as immediately the lazy are earning as much as them and there is little ability for a company to pay the good workers. Remember that labor is pretty inelastic once the demand is set at this level of wage.
Bullshit. You have hundreds of thousands of illegals working right on the payroll of thousands of companies, big, small, and medium. Phony documentation and a Costco card was all that needed. The fact that many are paid under the table does not take that away. In addition you missed the point I made, along with other points, which is why would there be such a thing as an illegal in America under the Biden administration if he is going to give citizenship or legal temp status to anyone who is here- period. And you think that he is going to tell them that they cannot work while working toward citizenship? And you think further that the will be working for less than minimum wage if they are not in the shadows? Think it through.
You posted the point I wanted to make. If you need 10 people on at lunchtime to fill orders, then you're going to have 10 people on at lunchtime, if you can find them. If your competition has to pay $15 an hour too, then there's no competitive disadvantage to you to keep 10 people on for lunchtime. To maintain margin you'll need to raise prices, and you and your competition will continue to monitor technological substitutions for labor, as you always have. McDonald's has introduced kiosks in what, the past 5 years? Long after the last minimum wage increase.
I think min wage will reduce employment. A lot of employers can’t pass the cost on. And those that can will mean that consumers will pay more. Further it will hurt the work ethic. I just disagree with Ken’s comments.
So what. As long as the Fed is creating trillions and passing it out...there will be inflation. You were wrong...revenues went up.
There will be some trimming of the excess and businesses will have to run more efficiently with an increase in the minimum wage. Will it be the end of the world? No. Also, nobody is talking about the benefits of raising the minimum wage. Believe it or not, it actually will have a positive impact on consumption and quality of life in this country.
Minimum wage has not kept up with inflation for decades. Meanwhile automating people out of jobs, such as at McDonalds, has been going on .... for decades. Companies do that, and will continue to do that, regardless of the current cost of their lowest skilled workers. I have no issue with that. I do with people (in fulltime jobs) not getting a livable wage. Wal-Mart and many others have seen the light. If their customers (low-skilled workers) have more income, they have more to spend.