About the minimum wage. Let me see if I get this right. Let’s raise the minimum wage. Those presently above the minimum do not get a raise. Prices of goods go up to pay for the raise in the minimum. Those that were just above the minimum now become part of the new minimum. Net result is an increase in those now receiving minimum wage.
Buying power stays the same or most likely goes down because of the rise in cost of goods and services to pay for the increase in minimum wage. Net result zero, or in some cases may now be at a minus buying power.
The results of an increase in the minimum wage are as follows: The people presently receiving minimum are still receiving minimum. Cost of goods and services have gone up. Less buying power. There are now more who can’t afford to eat or pay the rent. Remember those that were above and on fixed incomes, and barely making it, are now added to those making minimum wage. More people making minimum wage.
Jim Price, Boise