Amazon raises minimum wage to $15 for all US employees

Post by hexane360 » Sat, Oct 06, 2018, 10:59 PM UTC

badpun wrote: post #972

konschubert wrote: post #239

Earlier quoted context omitted.

I know you're joking. But it's not true that rising the minimum wage would immediately be cancelled out by inflation. That would be true only if everybody was earning minimum wage. Increasing the minimum wage from 5 to 50 dollars is unlikely to cause a 10x inflation, it more likely would cause a 3x or 5x inflation. The poor would have more and the rich would have less. It would likely reduce the spread of wealth in t…

> Increasing the minimum wage from 5 to 50 dollars is unlikely to cause a 10x inflation, it more likely would cause a 3x or 5x inflation. I' guessing it would rather create massive unemployment, and subsequently be cancelled. Think about it - middle-class people are ok with paying $4 for their Starbucks coffee, but if they were to pay say $10 (because the baristas salaries just tripled), probably a lot of them would…