A rise in prices will not fully offset the gains that low income people get from a rise in the minimum wage. Rising prices to pay for the increase would have to be shared by all classes in society- including high earners who have to buy goods and services. The low wage worker would still be better off.
The rise in the minimum wage would also lead to increased demand for consumer related goods, so this can mean that prices would not have to rise too much for everyday goods.
Minimum wages do ensure that lower paid workers can live a more decent life.
I have lived in Australia where the minimum wage is around $12 US dollars and hour and I have lived in South Korea where the minimum wage is around $3.50 US dollars. I must say from expereince that even with the higher prices in Australia low income workers can live far better lives in Australia than in Korea.
LOL this guy is an idiot. raise prices to cover the minimum wage increase? what's the point of the minimum wage then?
ch1kusoo 1 year ago
@ch1kusoo
A rise in prices will not fully offset the gains that low income people get from a rise in the minimum wage. Rising prices to pay for the increase would have to be shared by all classes in society- including high earners who have to buy goods and services. The low wage worker would still be better off.
The rise in the minimum wage would also lead to increased demand for consumer related goods, so this can mean that prices would not have to rise too much for everyday goods.
marxian00 1 year ago
@ch1kusoo
Minimum wages do ensure that lower paid workers can live a more decent life.
I have lived in Australia where the minimum wage is around $12 US dollars and hour and I have lived in South Korea where the minimum wage is around $3.50 US dollars. I must say from expereince that even with the higher prices in Australia low income workers can live far better lives in Australia than in Korea.
marxian00 1 year ago
$28 dollars per hour? USD? Something must be wrong with the voice over?
Allisa4757 1 year ago