Um people in general would have higher paychecks you doofus.
Right. A $600 increase in paychecks. And a $700 decrease in disposable income. You moron.
If they like the hamburger, they will obviously pay an extra dollar for it.
Obviously. And that's an extra dollar they can't spend on something like groceries or entertainment.
Obviously they could still easily afford it because they make a few hundred extra bucks per month. More disposable income.
No need to repeat your economic ignorance.
Lol where are you getting this idea that employees only shop at the places they work? I don't think you even know what you are saying.
Lol where are you getting this idea that employees only shop at the places they work?
Where did I say that?
And why would you count the higher income of the employees and ignore the lower disposable income of the customers?
Is it because you're stupid or because you don't understand economics?
I don't think you even know what you are saying.
I know exactly what I'm saying when I point out your ignorance.
I don't know how else to explain this to you. A few hundred extra a month easily pays for single dollar raiees in prices.
Perhaps I can explain this:
You can't increase the income of just one group of people. If government comes along and does that, it's a domino effect and everybody gets an increase in income.
When that happens, eventually the people that were provided the increase find themselves in the exact same position they started. Yes, their salary increased, but so did the salary of others, and the cost of everything increases. You're right back to where you started.
Well you know perhaps it's better you hear it from a letter signed by 600 economists, 7 of which are Nobel Prize winners.
Over 600 Economists Sign Letter In Support of $10.10 Minimum Wage: Economist Statement on the Federal Minimum Wage
Dear Mr. President, Speaker Boehner, Majority Leader Reid, Congressman Cantor, Senator McConnell, and Congresswoman Pelosi:
July will mark five years since the federal minimum wage was last raised. We urge you to act now and enact a three-step raise of 95 cents a year for three years—which would mean a minimum wage of $10.10 by 2016—and then index it to protect against inflation. Senator Tom Harkin and Representative George Miller have introduced legislation to accomplish this. The increase to $10.10 would mean that minimum-wage workers who work full time, full year would see a raise from their current salary of roughly $15,000 to roughly $21,000. These proposals also usefully raise the tipped minimum wage to 70% of the regular minimum.
This policy would directly provide higher wages for close to 17 million workers by 2016. Furthermore, another 11 million workers whose wages are just above the new minimum would likely see a wage increase through “spillover” effects, as employers adjust their internal wage ladders. The vast majority of employees who would benefit are adults in working families, disproportionately women, who work at least 20 hours a week and depend on these earnings to make ends meet. At a time when persistent high unemployment is putting enormous downward pressure on wages, such a minimum-wage increase would provide a much-needed boost to the earnings of low-wage workers.
In recent years there have been important developments in the academic literature on the effect of increases in the minimum wage on employment, with the weight of evidence now showing that increases in the minimum wage have had little or no negative effect on the employment of minimum-wage workers, even during times of weakness in the labor market. Research suggests that a minimum-wage increase could have a small stimulative effect on the economy as low-wage workers spend their additional earnings, raising demand and job growth, and providing some help on the jobs front.