Increasing the minimum wage will only lead to massive inflation, eventually the 15$ an hour will only be worth what 7$ an hour is worth now. It's not worth the time and energy for the short term benefits of low income workers and the long term damage on the economy.
Raising the minimum wage... Why do people still believe in this stuff... Here's the thing, the minimum wage is here for a reason because that's the value of work they put in. It's why the executive is paid more than the burger flipper. By demanding more money, that job which a monkey can do is now worthless because it costs more than it's worth, it's an unsavory investment. Now, that job is cut and automated.
The only thing a company is is a group of people working to generate income, and trust me, companies will find ways in maintaining that income.
And besides, prices will go up the moment its raise. Unlike how many think, resources are finite, and the price is the thing that stops everyone from overconsuming. The only thing this will achieve is lowering the dollar even more, and potentially causing market catastrophe.
Here's the key to this: When you negatively affect producers to favor the consumers, the market catches up, and everything goes to hell. Our dollar is only held up by foreign demand at this moment.
One person on this "Overseer" makes some asinine points I have to address. First off he states minimum wage workers are not worth an increase, which is a terrible misconception. I doubt he knows this simple fact, if minimum wage kept up with production increases, IT WOULD BE OVER 20 DOLLARS HOURLY. So what can we ascertain from this, production has ramped up, it is wages that has stagnated, not the value in the economy of the minimum wage working populace. Yeah burger flippers are and should be paid less than executives produce they produce less wealth in the economy, but no one is saying they should be paid equally, just more than the starvation wages they are paid now. Again in contrast to what he says, minimum wage workers are being paid less than the work is worth in the economy. And he cites automation, I have a fact for you friends, automation is coming REGARDLESS of wage mandates, the minimum wage, and if we increase it, is ineffectual to this reality.
He says "companies will find ways of maintaining that income" a great point, and this is a big one, he has given the reason why a minimum wage increase is not some debilitating affliction to businesses, the majority of businesses adjust inflation marginally at best and move past it.
Yes there will be inflation, but that inflation is not the hyperinflation many cite, $15 is somewhat unsure, but if we raised it to $10.10 for example my apologies I forget the exact number but the average product at Walmart will be raised LESS THAN TEN CENTS. The inflation is negligible when compared to the fear mongering strawman of hyperinflation many starvation wage advocates profess.
And then he starts talking about consumer surplus saying "the price is the thing that stops everyone from overconsuming" Sorry kiddo, but consumer surplus in this regard is completely extricated from the minimum wage, and I already went over how asinine your case on inflation is.
Heck to the NO, if an employer has a set amount of money to go to the payroll, and minimum wage is increased, the only two ways he can keep the same amount of money going to the payroll is by a) increasing prices of product, or b) firing other less capable employees to make up for the money now going to the increased minimum wage.