Message from @The Chosen One
Discord ID: 794838873938329610
This is only true in a situation where you raise the minimum wage by a large ammount in a short time. A hike up from 10 to fifteen for instance. A twelve cent increase in the hourly wage would lead to about a $250 raise in a single employee's annual salary
Interesting
Which is basically nothing
@VulpesVulpes
I’m definitely for your plan of tied minimum wage and inflation, but not now. Businesses are struggling due to Covid and it would worsen unemployment and close more small businesses. Give it another couple years and I’d be onboard
Oh certainly, this isn't the time to be applying any more restrictions onto small businesses
It’s true if businesses are already on their last legs due to, idk, a global pandemic
I think the best course of action is to lower the minimum wage so more people gets employed
Alright, in that case, I think we might agree more than we disagree
Even in a 'on your last legs situation' a couple hundred dollar increase in an annual salary is basically a rounding error
Bad plan
I mean, good intentions
Not by much
but bad plan
No, terrible. Too many people live off of that
Once you've raised a minimum wage, you shouldn't lower it.
It's sort of the problem with minimum wages
If I got a pay cut rn I'd be kinda hosed
True but minimum wages was made to be a starting point
Senor ... honestly I think you should leave economics to ... other people.
An extra $200 ish dollars per employee when businesses are already thousands in debt isn’t good.
I’m just not good when it comes to minimum wage
Thats $200 over a whole year, in a 20k annual salary.
It's literally basically nothing
Like, at that point $200 isn't going to break the bank
If you can't afford an extra $200, ngl I don't think you can afford that employee
XD
You have to remember, Even small businesses can often, if not always are handling over 1 mil over a fiscal year
wow
this is ... not great
2020 inflation rate is only .62%
which ... is getting dangerously low
We should lower interest rates.
😃🔫
That’s per employee. My families business had around 15 employees before it shut due to COVID. That’s a good $3,000 less, which only adds to not making profits this year
Ouch
The U.S. Small Business Administration counts companies with as much as $35.5 million in sales and 1,500 employees as "small businesses", depending on the industry.
That’s a good 300k loss, per year at Max
3k is a large expense, but in a normal year, you would also generally raise your prices by a similar 1.2% rate to cover increased inflation
Is it really? Holy shit
Yeah
We’re fucked