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Mr. Luddite

On 3/5/2014 7:49 PM, BAR wrote:
In article , says...

Can any of our resident economic experts explain how raising the minimum
wage helps anyone?

The cost of goods sold reflect the cost of selling those goods. If the
minimum wage is raised, the cost of selling increases causing the cost
of goods to increase, resulting in going back to square one in terms of
what is affordable to everyone.

The only way it makes sense to me is if the minimum wage is raised but
the cost of goods stays the same. That isn't going to happen.

The companies have "extra" money laying around that they can spend of increasing their
employees pay.

Across the board increases in the minimum wage paid to unskilled or
semi-skilled workers can have a larger impact on a company than realized
by many. It often results in pressure to raise wages across the board
for higher paid skilled labor as well. It's tough for some people who
have skills and/or are attending school or training to make themselves
more valuable to accept the fact that others are getting raises simply
because some law says so.