May be fine for large companies, how about the small mom and pop outfits? They are, for the most part, already making minimum profit.
“May be fine for large companies,...”
Large companies are not paying ‘minimum wage’, but when it comes time for their bargining unit employees to demand a higher wage, ‘minimum wage’ comes into play. The Unions love ‘minimum wage’ hikes...they use it to get more money.
It all adds to INFLATION, and though they don’t know it, it means that, even with wage increases ‘tied to the minimum wage’, they will be worse off than before. Inflation is deadly...and the Fed is doing this to us, even with out a ‘minimum wage’ influence.
Isn’t there some tie in between the minimum wage and union wages? I may be wrong but I seem to remember reading somewhere that the union wage was calculated as being x% above the minimum wage. If this is the case, then not only will those earning the minimum be raised but so will most everyone else’s resulting in across the board increase in cost of goods and services and/or loss of profit for those who have invested so that item can be produced. No or to small a profit and no investment and production. Nice to have more money to spend but have nothing to spend it on!!