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Minimum wage will ultimately cause all prices to rise. Worker benefits are more important than simple wages. Access to insurance, health benefits are important also. Nothing is simple in our world any more.
- There should not even be a federal minimum wage. Labor rates vary so much by region it should be left up to the individual states to implement. The only reason the federal minimum wage exists is for the unions. All union contract negotiations are tied to the baseline federal minimum wage. When the minimum-wage goes up everyone above that gets a boost in pay.
- Ah who else misses the good old days when only an occasional restaurant would go out of business due to the minimum wage, instead of them folding by the hundreds due to months’ long forced closures and then being “allowed to” reopen only under conditions in which making profit is impossible.
- I spent my high school and college years working as a waiter and bartender. Anyone who thinks “tipped” employees make minimum wage are grossly misinformed.
This article is over a year old, but still spot on! The great fallacy of letting ‘good intentions’ override common sense and logic. Hayek called it the thing not ‘seen.’ The people who get raises because the minimum wage goes up and the resulting wage compression are happy. Those who lose their jobs are sad.
But then there are all of those who will never get the ‘starter job’ because they don’t exist, they were never created. And these people never know the truth. They can’t envision how much better it would have been for them in an alternate world with no minimum wage.
But at the same time, the industry has remained dependent on a statist restaurant wage of $2.13 an hour to stay afloat. Not a good business model in a regulated society.