themeatbridge , 1 month ago (edited 1 month ago)

The response to this is that inflation is a market force working against the downward pressure of demand. There is a limit to the amount prices can go up before people stop buying altogether.

Another inflationary force is greed, funneling additional profits into the pockets of the 0.1%.

Let the inflation due to minimum wage be X, and the inflation due to greed be Y, and the maximum total inflation be Z. X+Y=Z

Of course there are other variables, but in a general sense, if X goes up, Y must go down. If X does not go up, Y does.

So yes there will be inflation, but increasing wages takes more money from the ownership and puts it into the pockets of the bottom 99.9% where it will do far more good.

And in case it wasn’t clear, this is precisely why the oligarchy opposes increasing the minimum wage. It has nothing to do with inflation, and everything to do with they make less money.