The latest thing to ruffle the right is the $15/hour minimum wage. University of California is doing it. Chipolte is doing it. New York City is considering it. They don’t realize that it’s a job killer. Or it’s gonna make the price of your Big Mac skyrocket. Or maybe both.
There’s two things these naysayers forget. In Business 101 they teach you that you price things based on perceived value. If the perceived value is less than the cost it takes you to get it to the customer you need to figure out something else. So raising raising the minimum wage might cut into profits, but that’s about it. And it puts all the minimum wage employers on the same playing field.
Raising the minimum wage would also help worker retention, reducing training costs for employers. And those making minimum wage are likely to plow all that cash back into the economy on things like food and rent.
The image is Nevado de Toluca a 15,350 ft (4680 m) in Mexico. Take that Donald Trump.