Posted on 10/25/2021 10:25:07 AM PDT by ChicagoConservative27
LONDON (AP) – Millions of low-pay workers in Britain will get an inflation-busting pay increase next year after the government said Monday it will legislate to raise the National Living Wage to £9.50 ($13) an hour from the current rate of £8.91 ($12.25).
Britain’s Treasury said the 6.6 per cent increase, which will apply to workers age 23 and up starting in April, means a full-time worker making the living wage would get an increase of more than £1,000 pounds ($1,374.90) per year.
(Excerpt) Read more at breitbart.com ...
Giving a large percentage of the working population an instant merit less raise will make everything more expensive for “the everyones” who are getting the raise in the first place.
This is going to put the Babylon Bee out of business.
The only thing I like about a minimum wage which, in comparison to other government plans to help those that need more money, is that you have to be working in order to get the benefit.
Vicious cycle.
Inflation goes up, and paychecks have less purchasing power.
Government then mandates wage increases across the board, which then forces businesses to increase the prices of their goods and services to make up for the increased wages they pay.
Government then is forced to mandate another wage increase to make up for the increased prices of goods and services.
Liberal-type governments should not be allowed to rule, since they don’t understand supply-and-demand economics or the free-market system.
Color me shocked.
>>> National Living Wage <<<
Marx would approve of this language gymnastics.
>>>Inflation-Beating Minimum Wage Increase
You mean upward spirial enhancing inflation.
Even before the wage increase goes into effect, the business owner knows he either must raise prices or layoff workers. Because industries affected by minimum wage increases are competitive, raising prices is difficult, so they lay off workers. Looking around their business, the owner selects the least experienced, often minority worker, to lay off. Rather than growth-killing policies like minimum wage increases, the gov't should be doing all it can to foster economic growth thus raising the demand for labor across the board.
So a minimum wage increase is being sold as an inflation beating measure. Economic Theory must have changed a bit since I last studied it. You just can’t make this absurd garbage up
Macro economics is now being controlled by micro minds
All it takes to bust inflation is 75 cents??? Ok. sure
everybody gets a raise and prices go up accordingly... then back to demanding higher wages!
You don’t beat inflation by contributing to it.
More unemployment and price increases coming their way soon.
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