Gallup recently found that 76% of Americans favor raising the minimum wage, while only 22% oppose it.
Yet Republicans continue to block a rise in the minimum wage.
Why?
Because Republicans only represent the 1%
If the 1% you refer to are the people with functional brains. Then yes I'd hope so.
The minimum wage increase to $15 is one of the stupidest ideas I've seen in a very long time. I'll give you a good example of why this is so stupid.
Let's go with McDonalds. Posted roughly a 20% profit margin, which btw is exceptional for fast food. According to what I've seen labor is about 25% of cost of sales for them.
How are you going to double the labor cost, and what's going to be it's impact on the business model?
1 - Will they cut staff?
2 - Will they raise prices?
3 - Will there be a combination of both?
Note that these are the only 3 alternatives. The most likely answer will be option 3. They will go with more automation which will cut jobs and offset some of the need to increase prices and maintain a good profit margin.
Now this doesn't sound as bad does it? Of course this won't be the only company who does this, and where are those now unemployable workers going to go? Why onto the federal dole, which btw will have to increase what it pays out due to the increased costs on well....pretty much everything.
Now here's where the real fun starts. Let's go with the guy making $15 an hour before the min wage increase. Congratulations...he's now making minimum wage. Think his employer is going to increase his pay....just cause? He might for his more important personnel, but he won't for everyone in most cases. Said employee will see his buying power plummet, and guess who else might need some federal assistance?
Guess he'll have to go buy less fast food...and other things he normally does. At this point I'd suggest you familiarize yourself with something called the Misery Index.