LogFAQs > #942324550

Revelation34 posted...

No he's completely wrong. He keeps blaming minimum wage increases instead of the companies raising prices.

I'm stating there is a correlation between rapid min wage increase AND the companies raising prices (and the landlords etc).

The landlords CAN raise prices because more people can afford them, and there is still high demand, which means if they raise prices, people will have to pay them.

This then increases the cost to rent places for companies, stores, restraunts etc, so they have to raise their prices to compensate, and sadly, they often raise their prices due to the min wage increase as well.

So then not only does the cost to rent jump drastically, but the cost to buy things at most stores, or to eat out, or just about everything goes through the roof.

Now if it's a small increase in min wage, this isn't usually as bad, but when you RAPIDLY increase it, everything gets multiplied big time, and you suddenly make many people who were not making min wage before, make it now.

Min wage, basically, seems to set the minimum amount landlords can rent and find people to pay the price. The higher it is, the higher the landlords can charge and get away with it (because people need a roof over their head).

So all that really happened is landlords got more money.

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