Sometimes I just have to marvel at the total lack of common sense and disregard for basic economic principles often shown by people in the grievance industry when they throw their little hissy fits. The latest example was the union-organized nationwide strike at fast food restaurants around the country.
It’s basic economics, and also just common sense, that if you increase the price of something people will buy less of it. That applies to labor as much as it does to, oh, I don’t know, let’s say oranges. Except that since most oranges are interchangeable, the decreased sales that inevitably follow a price increase applies to all of them equally. Not so with the minimum wage. People at the lower end of the wage scale are predominantly young, less educated, unskilled, and minority. If you arbitrarily raise the cost of hiring them, it’s just simple logic that fewer will be hired, since not all of them can add as much value to a product or service as the minimum wage that’s set. Or, someone or something else can be substituted for their labor at a lower cost than the minimum wage.
Low-skill jobs are especially susceptible to being replaced by technology or outsourcing.
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