Co-Exist - More than a year after a new minimum wage took effect in Seattle—$12.50 an hour now for small employers, increasing to $15 an hour by January 2018—prices at most stores haven't gone up. "Before the minimum wage law took effect, most retailers said they would have to charge more. So far, that hasn't happened."
In a new report, researchers from the University of Washington presented data that showed "little or no evidence" of price increases in most sectors. Before the minimum wage law took effect, most retailers said they would have to charge more—and most low-wage workers were worried that they would have to spend more for necessities. So far, that hasn't happened.
1 comment:
When will people stop believing this pro business lie, that increased wages will cause price increases.
Of course the increased minimum wage hasn't increased prices. When poor people earn more money they spend it on necessities, and if they are lucky they might even get to buy a few things beyond the barest necessities. What business owners pay out in increased wages is made up by increased purchasing of goods and services by the overwhelming numbers of lower income people in society who now can afford to buy them. The biggest problem with all minimum wage increases of the past 3 decades is they come in far too small amounts, and far too slowly.
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