Well the people making 7.75 an hour are a drain on the system because they are below the poverty level and our taxes are subsidizing this mess. Wouldn't you rather have the billionaire owners of these companies pay thier people a living wage? I tbink that a business that cant pay their employees a living wage is a failure because it is a drain on the economy.
Not quite how it was meant. The federal minimum wage right now is $7.25/hr. If it were to be raised to $15/hr as some people are protesting for, that would mean that employers would have to pay $7.75 more to each minimum wage employee every hour. Times that by however many hours that employee is working, and then multiply that amount by the number of minimum wage employees you have, and you suddenly have a pretty large drop in revenue due to having to pay so much more money. What would most likely happen is that these CEOs affected will either mark up the prices of their products to cover the deficit, increasing the cost of living and nullifying the intended effect, or you'd start to see large sums of fast food employees being laid off and being replaced by robots, the long term cheaper option. So you'd either end up right back where you started, or those employees trying to make a living would now have no income. Finally, minimum wage jobs aren't meant to be lived off of. They're meant for high school/ college students who need pocket money. If someone is trying to make a living off of an entry level job, they should either take on another job, or get a degree to get a better life. It's not ideal, but life isn't a cakewalk.
you're forgetting that feeding money into the poorest people incentivizes growth since we've got proof since census data shows nearly every stimulus given to the working class is spent quickly, bolstering profit margins, which bolster our taxes, meaning we have to raise minimum wage and the system repeats, ignoring this proven fact is dumb.
yeah this isn't how economics works. giving the poorest people money inevitably leads to them spending it back into the community, incentivising growth that has a slight impact on inflation, but over all it actually causes wealth generation, the only ones that get hurt by it are extreme multinationals who pay nothing in tax it's the reason why stimmy bills work so well.
If you want an example of a place where this exact thing has played out, look at australia, a country who's GDP is rising quite a bit faster than america's thanks to high minimum wages.
While minimum wage may be an issue, I think the fact that most jobs are part time is a bigger issue. My husband makes minimum wage in security, and hates his job, but it's full time. He's been looking for a new job at minimum wage, but all openings are part time (less than 20 hrs per week). I think that is a bigger issue.