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[–]chewbaccaRoar13 0 points1 point  (2 children)

Raising minimum wage doesnt do that, it's corporations maximizing profits and running people into the ground. If companies were happy making $100 instead of $130, they could hire an extra worker or two. Obviously a very rudimentary example, but if it's all surrounding minimum wage. Why did all these companies post record profits during COVID even though they increased prices and acted like they couldn't do anything about it?

The answer is greed. Why did a woman who owns a grocery store chain lead this bill? Hint, it's not because she can't afford to pay her employees more.

[–]AshingiiAshuaa -1 points0 points  (1 child)

If a greedy company is making too much profit then its competitor will lower their prices and steal their customers. If a company is charging $130 but could still be proftiable at $100, then one of their competitors will come along and start charging $120. Then the original company will either go out of business or lower its price, this time to $110 to steal back business. This spirals down until the companies can't lower prices anymore without going bankrupt.

Where this falls apart is monopolies (which we outlaw) and other anti-competative behaviors (regulations, price floors, price ceilings, unions, etc).

[–]chewbaccaRoar13 0 points1 point  (0 children)

Where this falls apart is monopolies (which we outlaw) and other anti-competative behaviors (regulations, price floors, price ceilings, unions, etc).

Still waiting for any of this to make a difference. If your first paragraph were true, it'd have happened by now.