Everything from a pack of bubble gum to a loaf of bread is now going to go up. Retailers and other businesses will NOT absorb the additional costs so basically the gains the wage earners get will be eliminated through higher costs for every day items like food etc. This is not to mention that people currently above the $15/hr min. will not see increases, so therefore all the hard work and dedication they have put into getting to their current wage bracket will be eliminated with the stroke of the Government pen. Minimum wage is the base wage, if it is raised it should be mandatory that all those above the new minimum also get a raise. The government has just assured that those above minimum won’t see a raise for years due to the extra costs just dumped onto the employer.
There is no doubt, that increasing minimum wage will have an adverse affect on the price of goods and services. Businesses that attempt to keep the cost of there product low will now be forced to raise prices because of the increase to minimum wage scale. Three dollars an hour is a significant jump. Can it be assumed that people who are currently making $15 dollars an hour will expect an increase to match this concept?
This is purely an election ploy and nothing more!
Ontario’s $15 Minimum Wage ‘Devastating’ To Businesses, Groups Say
Here are some of the things that might happen as a result.
!) Businesses will not be able to afford the increase in costs and will close.
2) Businesses will let some workers go and try to survive with fewer workers.
3) Businesses will give workers fewer hours to save money to survive.
4) Businesses will keep staff, increase wages and increase prices to help cover the increase in costs.
5) Businesses will pay workers more, keep workers, hire more workers and not increase prices.
On a scale of 0 to 10, what is the likelihood of number 5 occurring?
Peter Schiff was outside a Walmart store in a state that was pushing for $15/hr min wage with a box strapped around his shoulders with a sign on it saying “15% for $15”
He asked people leaving the store if those workers inside should be paid $15/hr. Everyone said yes.
He also asked everyone to give him 15% more of their purchases in order to dole it out to the workers at the end of the night as they all thought the workers should be paid more. No one agreed to pay more.