Posted on 10/07/2015 4:40:35 PM PDT by markomalley
President Obama said Wednesday that consumers would be OK paying higher prices if they knew it was the result of an increase in the national minimum wage. He argued that there was therefore no practical reason for anyone to oppose a hike.
"I think that most of us are price-sensitive. We're not looking to over-pay. On the other hand, I'll bet that a lot of folks here, if they go to a restaurant, and they know that the people working there are making a living wage, the fact that they may be paying an extra dollar for a burger, would feel OK," Obama said, adding, "Some people might not be able to afford it, but a lot of people could."
The president went on to say that it "would have an impact" in the debate over the minimum wage if consumers could be made more aware of the connection between a higher minimum wage and higher prices.
Obama made the comments at a White House event dubbed the "Summit on Worker Voice," a day-long event to promote organized labor in the workplace. The comments were part of larger discussion about changing attitudes toward outdated notions about workplace issues. He conceded that many businesses, especially restaurants, operate on tight profit margins and would have to pass the higher costs from a higher minimum wage onto consumers.
Democratic presidential candidate Hillary Clinton sent a signed copy of her memoir Hard Choices to several of the major Republican presidential candidates. Kentucky Sen. Rand Paul responded by signing the book with a message for Clinton and auctioning the memoir on eBay.
"Hillary, you refused to provide security for our mission in Benghazi," Paul wrote. "Should forever preclude you from higher office! Rand Paul."
The book signed by Paul and Clinton has already received several bids online, in excess of $300 as of press time.
Clinton first delivered the book to the presidential candidates with a letter stating that she thought the candidates may want to read the book since they had questioned her record during the most
Obama has supported several increases in the national minimum wage, which is currently $7.25 an hour. In 2013, he endorsed a Democratic legislative proposal to raise it to $10.20. Earlier this year, he endorsed a new Democratic proposal to raise it increase it to $12 an hour.
Organized labor has long supported higher minimum wages because they reduce the amount of cheap, non-union labor available to employers as well as create pressure to raise wages generally.
No, we will NOT!
What an arrogant POS he is.
Sure. I’ll just stop tipping,
‘cause now they don’t need it.
I won’t. ....
Fool, absolute feckless fool on a hill.
The type of businesses that have a minimum wage are the same businesses that low income people frequent. Of course that fact that increased wages lead to increased prices is econ 101.
Surely he realizes that the workers receiving the higher minimum wage are also paying the higher prices for the goods and services they buy?
This reads like satire. Seriously.
Yeah I have no problem eroding my purchasing power for those at the bottom of the rung. /sarcasm
What does this affirmative action boob know about the marketplace
The lil runt has repealed the laws of supply and demand by executive order.
Wait....aren’t minimum wage earners consumers too??????
Already proven false in practice. Ask certain restaurants in San Francisco.
He realizes nothing. His only comment on the cost of food had to do with the price of arugula. Dare I say it? NO minimum wage earners buy arugula.
One word: Walmart!
I thought the typical liberal response was to say that it would NOT raise prices. If the prices of everything increases, then the increased wage leaves minimum wage workers at the same purchasing power they had before. Even some of the more brain dead liberals I’ve debated acknowledge that. That’s why they say (typically), that companies would lose profit, and not raise prices. I guess Obama is dumber than I thought.
I read about a study, which concluded that for a typical midrange restaurant, such as Outback or Olive Garden, that menu prices would need to increase by 18% to compensate for increasing the minimum wage.
That increase could well be enough to cause people to eat out less often, or be less generous with tips, or in some cases not eat out at all.
Holy crap Paul dropped a nuke on Clinton.
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