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How much did inflation raised the last time the MW was raised?
I don't know but I don't see how its a fair comparison, seeing as the last hike in minimum wage was a fraction of what is being proposed for the next hike.
http://www.heritage.org/research/reports/2017/01/15-minimum-wages-will-substantially-raise-prices
KEY POINTS
- Most minimum-wage employers are small businesses. Their profit margins are too small to absorb large wage increases.
- Economists find that businesses pass minimum-wage costs on to their customers by raising prices. Consumers, not business owners, bear the burden.
- The poor and middle class spend more on goods produced by minimum-wage workers than the wealthy do. Consequently, minimum wages raise prices more on the poor and the middle class than the wealthy.
- Accounting for price increases shows that minimum-wage increases transfer little net wealth to low-income families. More low-income families lose through higher prices than gain from higher wages.
- Recent studies claiming that minimum-wage increases have little effect on fast-food prices made highly unrealistic assumptions. More realistic assumptions show that a $15 mandate would raise fast-food prices by one-fourth and eliminate 900,000 fast-food jobs.