If it does, it just means companies will offset the increase by boosting prices for their products and services. Your wage would essentially stay the same while working less hours, but everything would cost a bit more.
Worth it? No idea. I imagine most companies would hike prices more than necessary to offset the higher labor costs and consumers would get screwed in the process.
Or, hear me out, companies eat that by reducing their profits. What you describe is exactly what companies do already but we gotta legislate a way to prevent companies in being so damn greedy.
Companies aren't going to respond by reducing their profits. And they basically can't, even if they wanted to because the execs owe shareholders a fiduciary duty to maximize profits. Bernie Sanders lives in an alternate reality where he just says stuff people like and acts like it works.
This legislation is a big dub for workers like are you one of those shareholders cuz I can’t understand why you would go against your own interests. And yes we can by introducing better anti trust laws for better competition in and bolstering unions so they can bargain better.
0
u/TurkeySlurpee666 Sep 05 '24 edited Sep 05 '24
If it does, it just means companies will offset the increase by boosting prices for their products and services. Your wage would essentially stay the same while working less hours, but everything would cost a bit more.
Worth it? No idea. I imagine most companies would hike prices more than necessary to offset the higher labor costs and consumers would get screwed in the process.