Businesses will just lay off or not hire new people in order to meet the $15 minimum wage. Raise prices, use point-of-sale kiosks/order online instead. Maybe even cut the hours they’re open, but they’re not going to take the hit.
Lots of people still below the poverty line, maybe just re-imagine that line. It’s all good when the unicorns are pooping skittles!
“Businesses will just lay off or not hire new people in order to meet the $15 minimum wage. Raise prices, use point-of-sale kiosks/order online instead. Maybe even cut the hours they’re open, but they’re not going to take the hit.”
Exactly! All that and more — for instance, many people will start doing things (cook, mow, etc.) for themselves rather than paying for personal services that have doubled in price. That will lead to more of those lay offs.
The macro-economic picture will likely be worse. Debt levels, like we’ll soon see, usually cause inflation — inflation that could quickly wipe out the gains to the minimum wage.