Raising the minimum wage.... Is that good for workers?

submitted by In-the-clouds from midi.moe

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[–]Armedpleb 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

It will just lead more inflation. More specifically wage-price spiral inflation where raising minimum wage will cause rent, bills, goods & services and other expenses to increase in price.

https://www.wallstreetmojo.com/wage-price-spiral/

Increasing minimum wage is not the way to get more money. It will only create the illusion of earning more money, which will be pointless when everything goes up in price. If they want more money, get a better job!

[–]In-the-clouds[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

From the link.... When people receive a pay raise:

either they will save it or spend it.

And of course most people today no longer consider saving, but continually go deeper into debt.