Because in some cases , you're nearly doubling labor costs, and you want to do it overnight. Over half the workforce would suddenly cost more to employ. You cannot do that without a sharp price increase.Price inflation happens all the time even without a wage increase. Why do you believe price inflation would be worse with a wage increase than without a wage increase?It sounds like you're admitting that prices would immediately go up, thus nullifying part of the benefit of higher wages. Sure, you get more in your paycheck, but then everything costs more at the same time.I only clearly have some idea why you keep missing the point about a Statutory change to the minimum wage. It is why I have a difficult time believing right wingers are serious about the topics they allege to care about.You clearly have no idea how hard it is for a single company to raise prices if the competition is not also doing it. If they raise prices while others do not, they lose business. Sane people know that.There is no law requiring capitalists to cut jobs when they could simply and easily pass on that cost to their consumers.You keep ignoring the many that you will throw out of work and into dependence on welfare.What is to the contrary?
In economics, the marginal propensity to consume (MPC) is a metric that quantifies induced consumption, the concept that the increase in personal consumer spending (consumption) occurs with an increase in disposable income (income after taxes and transfers). -- Marginal propensity to consume - Wikipedia
I have stated more than thrice (after thrice it is just a vice), that all of that single company's competition is going to be in the same boat regarding a Statutory minimum wage.