One of the biggest questions people have been asking is will increasing the minimum wage to 15% changes the way the average person actually buys a couple dozen burgers. In fact, I was asked that question today by a friend and I thought I would write an article on the issue to help shed some light on the topic. There are a number of issues to take into consideration when looking at this question from several different angles. I will briefly look at some of them in this article. Hopefully by the time you are finished reading this article you will have a better understanding of what the impact will be on the overall price of bitcoins as a result of a higher minimum wage.
Many people believe that increases in the minimum wage will either reduce the availability of labor to companies which have a large amount of labor and are unwilling to pay that extra money, or it will make it more expensive for those who are willing to work to get an hourly rate above minimum wage. There are a number of things to consider with each of these perspectives. But the truth is that if the price goes up because there are more people working it may actually result in higher profits instead of lower ones. It depends on how the demand and supply factors play out.
On one hand, it may result in more people being able to afford to buy the products and services that they desire.
There is less competition for certain goods and services right now. This means prices may increase to account for the increased demand. Higher prices from small businesses will likely occur until supply catches up with demand.
On the other hand, it may result in increased profits because people will have more money to spend. Business owners may pass those savings on to their customers in the form of higher prices or discounts. A minimum wage increase may cause employers to offer better benefits to their employees. The end result may result in more income for some people.
Raising the minimum wage also has a lot of political support at the moment. President Obama wants to see this increase in the minimum wage law passed into law. He believes it will help stimulate the economy and help new start-up companies succeed in America. California is already the largest state to implement such a law. Small businesses and hiring professionals can take advantage of the new minimum wage laws.
Small business owners in particular may feel the brunt of these changes. They are the ones who employ people in their businesses.
Many of them make around fifty dollars an hour. Some people may have to reduce hours or even their day to accommodate the needs of their employees. However, these people may lose customers if the prices of their goods and services go up.
The minimum wage increase may also affect businesses that are employing part time and temporary workers. These people are often the ones who may make less than minimum wage because they are not being paid the full amount for their work. They have no benefits or security and are often exposed to long hours of standing on their feet. Raising the minimum wage to cover these workers can mean more money in their pockets.
The small businesses and business owners can do what they want with regards to these workers.
If the workers don’t get a raise to the full amount they deserve then they can always leave that business. But if a business owner does not follow through with a raise then he is breaking the law and possibly the state’s regulations. By abiding by the state regulations and federal minimum wage laws a business owner can actually grow his business and create more jobs for local people.