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Originally Posted by Dostoevsky
Employers can't pay an employee more than that employee produces, it's bad business. That being said, increasing minimum wage will lead to 1 of 2 consequences. 1. Employees get fired and unemployment sky rockets. 2. Consumers pay high prices for EVERYTHING. I don't like minimum wage and it's not becuase I think it's too low.
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See, but that is where the CEOs and upper management have everyone bluffed. Upper management across the board makes more than ever. When you read that the Walton family is worth billions and make millions yearly in salaries yet pay their workers as low as possible, there is a problem.
You cannot tell me that, when your employees make $25,000/yr if that and no benefits and you make $2.5 million+/yr with the best benefits possible, is ok.
You cut your 2.5 Mill and pay your workers more then the company may sell more, have more loyal, productive, caring workers, less turnover, and a reputation for being fair.
You can increase wages without increasing cost, just decrease upper management and CEO pay.