We may lose a few jobs at first, but the increased spending would create more better paying jobs in a very short time IMO.[/quote]
Actually no.
This “increased spending” from the higher-paid workers is coming from where? The higher payroll outlays of employers who must pass it on to customers via higher prices. So consumers spend more at the impacted businesses and thus less at other businesses. The lost jobs at those other businesses are part of the full impact.
A beautiful example of the seen vs the unseen.[/quote]
You’re also making the erroneous assumption that all added costs would be passed on to the consumer. Guess what? Profit margins are at all-time highs. There is no economic law that states that profit margins should always remain the same or grow over time. Time for workers to finally get a greater share of the profits that they’ve created in the first place.
