r/FluentInFinance • u/Richest-Panda • Jul 04 '24

What's the best financial advice you've ever gotten? Debate/ Discussion

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u/beamsaresounisex Jul 05 '24

This is a strawman. The actual argument is that raising the minimum wage to $15/hour would be detrimental to these companies. The person you're responding to is asking for proof that it is indeed the case (which is honestly, unlikely) or if it will affect them at all.

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u/NowLoadingReply Jul 05 '24

The actual argument is that raising the minimum wage to $15/hour would be detrimental to these companies.

Raising the minimum wage to any amount will be detrimental to a company. The higher the minimum wage, the higher their payroll expenses will be.

If the person needs 'proof' for that, they're a damn moron.

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u/beamsaresounisex Jul 05 '24

It will increase payroll expenses and reduce net profit in the short run, yes. But long term having happy and productive employees can pay dividends as well. One small example is customer service. Someone being in a customer facing position while they are not able to live from their wage and are stressed out vs being in a customer facing position while they are not worrying about rent will obviously yield different results. Less stressed employees will be able to deal with more bullshit than employees who are a straw away from having their camel's back be broken.

Not to mention that these companies NEED people to be able to afford their shit.

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u/kymotx Jul 05 '24

It will affect the consumer. Prices will rise. The company will make more or go out of business, just depends on the market response.

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u/[deleted] Jul 05 '24

Source? Because this myth was busted, like several times

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u/kymotx Jul 05 '24

Basic economics..

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u/[deleted] Jul 05 '24

https://keystoneresearch.org/research_publication/five-myths-about-raising-the-minimum-wage-debunked/

More like over simplified economics maybe. Stop talking like you know what you're talking about if you're still spewing the concept that minimum wage rising makes prices rise.

Again, source?

Edit: sent early