> Do you expect your employer to keep his same prices and same amount of work force and just eat the labor cost?
Many will simply eat the cost, actually. The minimum-wage debate is more about politics than economics. There's not as many minimum wage workers as people think, so for very little economic cost, you can increase the quality of life for the lowest paid workers in our society.
A few businesses may be forced to change, but those are the ones that run razor-thin margins.
> What happens if you make $9 now, make $15 tomorrow, but tomorrow the prices of everything you buy suddenly doubled?"
Nothing will double in price. Given the amount of minimum wage workers that actually exist in the US, prices shouldn't increase by more than 5%. Anything more would just be opportunistic gouging.
Many will simply eat the cost, actually. The minimum-wage debate is more about politics than economics. There's not as many minimum wage workers as people think, so for very little economic cost, you can increase the quality of life for the lowest paid workers in our society.
A few businesses may be forced to change, but those are the ones that run razor-thin margins.
> What happens if you make $9 now, make $15 tomorrow, but tomorrow the prices of everything you buy suddenly doubled?"
Nothing will double in price. Given the amount of minimum wage workers that actually exist in the US, prices shouldn't increase by more than 5%. Anything more would just be opportunistic gouging.