The recent chatter on Obama’s new idea to raise the minimum wage to $9/hour..
Who thinks this is a good idea? And Why?
While I wait… here is Why it is a bad idea…
With a higher minimum wage, an employer hires fewer, and or has to lay off workers.
With the higher cost of employees, the business owner now has to raise prices of his products & services.
The business has customers, now due to the higher prices, that customer has to curb employees and raise their prices, at his business as well. Other customers will not be able to purchase product or service, which results in the business needing to further cut costs (employees) and or raise prices.
This continues on & on.
Add this to the additional burden of Obamacare, additional taxes & regulations that Obama has lumped onto businesses.
Think also about raises, which especially for entry level workers, offers incentive & appreciation for a job well done, if an employer has to pay more, how soon will they be able to offer a raise?
This is common sense economics, which Obama & his team obviously skipped in life/school.