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Sen. Bernie Sanders (I-VT) and fmr. CBO director Douglas Holtz-Eakin debate whether raising the minimum wage would help or hurt the economy.
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I think it would be nice to show examples of companies that currently pay better yet still provide quality service at a reasonable price. For example you can take a look at In N Out Burger. They pay several dollars an hour better than Mcdonalds and provide a quality meal at a reasonable price. Also look at Aldi or Costco. Both companies pay a good wage and provide their products at a competitive price. I actually save more money shopping at Aldi as compared to WalMart. Mr. Blitzer said that a wage increase would cause a meal deal to go up one dollar. I can afford to pay an extra dollar for a big mac meal so that we can give an infusion into the economy by getting more capitol into it.
This story would be better with a reminder about the difference between micro and macro economics. A business assuming revenues are flat and costs are increasing will try to control costs. This is why business people assume a higher wage will lead to higher unemployment. The higher wage will go to people who have deferred purchases and those additional purchases have a stimulative effect. Please lead a discussion on micro and macro economics so we can be better informed as to what a higher minimum wage will do both to individual businesses and the entire economy. Thanks