Minimum wage only helps poor, does not raise inflation [View All]

The GDP is 11 trillion dollars. If we DOUBLED the minimum wage it would only cost another 50 billion dollars a year. So, inflation would go up 0.45%, while their wages would go up 100%.

As it is right now, a full time worker making minimum wage gets paid 10,000 dollars a year. That won’t even cover rent. It is ridiculous. Doubling it would make it 20,000 dollars. However, raising it by 50% to around $7.50 would still only pay 15,000 dollars a year, but it would only raise inflation by 0.23%.

And for reference, inflation went up by nearly 6% last year alone, all on its own.

The inflation argument only benefits people who don’t want to pay more for their workers. The problem is that when everyone pays their workers so little, their workers can’t afford to shop at anyone’s stores.

Make sure to tell anyone who repeats that “minimum wage increases inflation” that they are misinformed.

Increasing the minimum wage decreases poverty and increases the quality of life of more than 7 million Americans who already work full time at minimum wage. Plus the millions of other workers who are getting paid between the minimum wage and $7.50 would also get some much needed relief.

http://www.epinet.org/content.cfm/issueguides_minwage_minwagefaq


Am I right?