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Dead on accurate. What's even more amusing is that those people who want to raise the minimum wage in order to obtain a "livable" wage, never figure out that by increasing the first, you increase the other, and thus the two will never actually meet.Like the article said, increasing the minimum wage, you automatically cause inflation since all those wage increases filter down into higher product prices, and thus in Canada for example, most provinces have a minimum wage of $9/hr or higher. Yet a sub at subway fast food is nearly $20. Granted there are additional factors that cause high prices, but this is one of them.Every time the minimum wage increases, the cost of living increases, which means a "livable wage" increases, which means minimum wage has to increase again, and the cycle goes on and on.... meanwhile the value of our currency declines and declines.
Dead on accurate. What's even more amusing is that those people who want to raise the minimum wage in order to obtain a "livable" wage, never figure out that by increasing the first, you increase the other, and thus the two will never actually meet.
Like the article said, increasing the minimum wage, you automatically cause inflation since all those wage increases filter down into higher product prices, and thus in Canada for example, most provinces have a minimum wage of $9/hr or higher. Yet a sub at subway fast food is nearly $20. Granted there are additional factors that cause high prices, but this is one of them.
Every time the minimum wage increases, the cost of living increases, which means a "livable wage" increases, which means minimum wage has to increase again, and the cycle goes on and on.... meanwhile the value of our currency declines and declines.
