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Thread: Minimum wage hike bankrupts company

  1. #11
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    NORAD's Avatar
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    Quote Originally Posted by Morning Star View Post
    How can they allow businesses to raise prices to pay for minimum wage? That would devalue the workers wage increase.
    The state voted it into law.


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    A relative was facing bankruptcy and said it was due to medical bills. When I asked how her losses in the casinos compared to medical bills she decided not to talk to me any longer. Fine with me.

    Research on bankruptcy almost always relies on "self-reporting". That's why casinos, drug abuse, alcoholism, and shopping sprees are rarely, if ever, mentioned as a factor in bankruptcies. But, when researchers look at court records rather than self-reporting they get totally different results.

    I got curious about how many workers earn minimum wage. When I went looking I found a problem. In states with high-paying welfare system have almost no one working at minimum wage. If they can get $10 an hour on welfare, why should they work for $15 an hour. Add to that the number of people on welfare working off the books or in illegal ventures and you have even fewer.


    The government has no right to set prices or wages but I doubt a healthy business was driven into bankruptcy by the minimum wage law.

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