The government mandates a gradual increase in minimum wage that coincides with the cost of products and services government spends on us to contribute to an agreed upon minimum standard of living. Again, labor costs increase substantially, increasing the retail prices of products and services across the board.
Are we not back where we started from? The bad news is employers pay the increase in the minimum wage. However the good news is that the money saved in government entitlements is returned to us taxpayers in the form of lower tax rates. Because we have more money to spend in our pockets, our demand for more stuff to buy goes up. This is good... No?
Now when more people buy more stuff and services they say our economy expands, benefiting everyone's standard of living. So fancy that.
Your Thoughts ?