Businesses raised prices in anticipation even before those raises were implemented. Employers had to reduce expenses and did so by lay-offs, workload increases, forced overtime, reduced benefits, sending jobs overseas and hiring of illegal aliens. Interest rates for savings continually decreased over those years and more currency was thrown into circulation. By 1980, Bernie Sanders was demanding an unrealistic $6 an hour minimum wage.
I recall bread for 19 cents a loaf and gas for 19 cents a gallon in the early 1960s. Raising the minimum wage increases the price of everything. It inflates the government coffers and gives an unrealistic picture of gold in the streets to foreigners. Will it ever end?
If raising the minimum wage really worked, why doesn’t our president just order it raised to $100 per hour? I heartily suggest a maximum wage would be more economically sensible.
Kevin T. Graham