fadskier said:
why they are for the $15 minimum wage?
Here's the way I see it.....let's say a business spends $30,000 per month on employees at $10 per hour. That's 75 employees
Now they have to pay $15 per hour...they now have to let go 25 people to afford that...
if my math is correct....
I am not advocating for a $15.00 hour minimum wage.
But the response from advocates is that $15.00 represents the minimum amount that is a fair exchange for an hour of labor and that the law is necessary (rather than a free market choice) because society has structured the economy so that capital has an unfair negotiating power over labor.
As to your example, it is incomplete. If the business makes $100,000 per month, you don't have to fire anyone; the owner(s) now make $70,000 a month (actually a little less to account for increased payroll taxes. The advocates would also note that under everyone's proposal, the increase is phased in over time, something the public does not seem to understand.
Finally, the economists behind this will point out that the economy does not necessarily contract. Those who do eatrn 50% more have increased purchasing power; their purchases will create more jobs.
Don't ask me to defend all of this-it is not my position. Just saying that you oversimplified.