DNC Platform Committee Just Voted Down $15 Minimum Wage

Thing is....if labor costs double, that doesn't double the cost of the products, just the percentage of the cost that is labor goes up. So say labor is 25% of the product cost, and it's doubled, then the product should go up by 25% (unless business takes the opportunity to price gouge). So people have 100% more money, much more disposable income, and prices go up a fraction of that. End result, prices go up, income goes up more, workers are better off and can afford more products, businesses sell more, and hire more workers to handle the extra volume, everyone benefits.

a reply to: pexx421

Your explanation reminds me of the 1980s when American farmers wanted higher wheat prices per bushel. People freaked out thinking that their loaves of bread and boxes of cereal would get too expensive to buy. What they didn't understand is that it would have been only a 2c or 3c increase in a $2 loaf of bread or $4 box of cereal.

Actually, support for the $15 minimum wage is still there. It was an amendment that was voted down. The amendment would have strengthened the language. From "support" to "demand".

The platform originally simply stated that the Democratic Party hopes to “raise and index the minimum wage,” with an earlier implication that this could be $15. Ellison proposed that the language be made clearer and stronger, changed from mere support to a demand to “raise the minimum wage to $15 an hour and index it.”

source

ETA Actually, if one is familiar with negotiations, this is not "shocking".

But but but...thought HRC was for the little guy!

Apparently, in namesake only. Real life is she
just wants your vote, and will take your tax dollars
for wars she approves of to fund the Clinton "Crime" Foundation.