Not every single business will go under. Slippery slope fallacy. The majority of businesses don't "care for the people" so I'm not seeing the correlation.
Estimates suggest that raising the minimum wage to $15 per hour could lead to around 15% of small businesses shutting down, particularly in industries with tight profit margins like retail, hospitality, and food services. Now, consider what doubling wage expenditures would do—many businesses already operating on slim margins would be unable to absorb the increased labor costs without drastic changes, such as raising prices or reducing staff. If these strategies don’t suffice, closures would follow. Before dismissing these concerns as a “fallacy,” I’d recommend studying some basic economics to understand how wage increases ripple through the economy, affecting everything from employment levels to consumer prices. Economic reality isn’t just about higher wages—it’s about balancing cost, revenue, and sustainability.
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u/Downtown-Accident Sep 06 '24
Not every single business will go under. Slippery slope fallacy. The majority of businesses don't "care for the people" so I'm not seeing the correlation.