For the most of us common-sense Americans, a minimum wage hike would be catastrophic resulting in a supply and demand deviation so tremendous, it would literally push our economy over the edge. For those still thinking it’s a good idea however, one Duke University professor was able to explain exactly why it’s a bad idea and completely obliterated the argument in mere seconds.
It doesn’t take a rocket scientist to see the simple cause and effect that would happen if minimum wage was upped to just $10/hr. rather than the intended $15. As employers have to pay their employees more, they’d immediately cut discretionary (i.e. medical insurance) benefits to reduce out of pocket cost.
After that, the remaining effect would become the burden of the consumer – you guess it, everyday Americans. Because employers need to pay out more to their employees, they now need to make more, so what do you they do? They jack up the prices.
Welcome to the $12 Big Mac. It either that or terminate the positions entirely and replace minimum wage employees with automated machines – either way, no one’s happy.
Feel free to watch the clip above and let us know what you think of what Liberals are cloudlessly trying to accomplish in the comments below.