Quote image editor
“Finally, the money to pay for an increased minimum wage must come from somewhere, and there are only four places from which it can come: other minimum wage workers, in the form of layoffs and reduced hours; higher wage workers, in the form of static or reduced compensation; investors, in the form of lower profits; or customers, in the form of higher prices. How much each of the groups pays for the minimum wage hike depends on how competitive the various marketplaces are.” — Antony Davies
Finally, the money to pay for an increased minimum wage must come from somewhere, and there are only four places from which it can come: other minimum wage workers, in the form of layoffs and reduced hours; higher wage workers, in the form of static or reduced compensation; investors, in the form of lower profits; or customers, in the form of higher prices. How much each of the groups pays for the minimum wage hike depends on how competitive the various marketplaces are.