Businesses, especially small ones, might struggle to adjust their budgets, potentially leading to layoffs, price hikes, or even closures. On the flip side, low-wage workers would get a quick boost, which could stimulate spending—but if it’s too fast, the economy might not absorb the shock smoothly.
On the other hand, people live on $7.25 an hour inching up for 5 more years while taxpayers subsidize them. Then continue to subsidize them in 2030 and beyond because $17 will again be woefully inadequate to live on.
If businesses can't pay a living wage, they need a better business plan, or fail.
realistically, businesses aren’t paying people $7.25. they wouldn’t get applicants. just because businesses don’t pay people $7.25 doesn’t mean that should be the min wage. a $17 minimum wage would be amazing but you can’t increase the minimum wage by $10 in one day. that is a logistical nightmare.
i agree. i’m lucky that i get paid $25/hr but at some points that doesn’t seem like enough to live on in this economy. i agree with you on a minimum wage increase, we only disagree on how that increase should be implemented. so we may have to agree to disagree
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If businesses can't pay a living wage, they need a better business plan, or fail.
Yes we can disagree without being disagreeable. Nice run.