The employment contract should not be a suicide pact. Economics 101 also tells you that a company has fixed costs and variable costs. The only variable cost that can be changed immediately is labor. If a companies fixed costs are greater than their income then it should shut down. The minimum wage makes labor costs less variable. This means that a company only has a few choices if it is losing money. Lay people off or shut their doors completely. I think I would prefer a pay cut to going on public charity.
But if wages go up across the board, then prices can too. Better than the poor and middle class using 29.99% credit cards and being on gov’t assistance.
parsy, the deep thinker