- Joined
- Dec 23, 2022
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I am a (very) small business owner. Nobody who works for me makes less than $20 per hour. That is a lot more than the min wage here in FL. My prices are competitive in the market. I made a bit less proft in short term but have maybe made it up in loyalty/retention.
The suggestions that a $20 min wage would wreck the economy is corporate shill speak.
Kudos to you for being a good small business owner.
No one is suggesting that a $20 min wage wrecks the economy. If you pay, lets say 5 people, above the min wage for doing min wage work, that actually helps those 5 people because their extra cash does nothing to sway the market. If millions and millions of people all the sudden make 25% more, that floods the market with a bunch of extra cash and supply takes a while to catch up. Prices will rise quickly, then fall but never fall back down to what they were before the unrealistic min wage hike so we all just wind up having to deal with inflation while the min wage folks are back to where they were in the first place.
It mostly just hurts the middle class because now they have to wait a while for their wages to catch up and their savings is now worth less due to inflation.