alt Hacker Newswe could just gradually keep hiking it until it starts impacting employment and then stop.
stage 1 is it hammers profit margins <-- for 95% of businesses we are here.
Stage 2 is then it increases prices <-- only affects very low margin businesses which are a small minority.
Stage 3 is it triggers job losses <-- to my knowledge it's never been raised high enough to make this happen. maybe $50 / hour would be the threshold.
> stage 1 is it hammers profit margins <-- for 95% of businesses we are here.
Businesses adapt, raise prices and do more automation to keep their margins, which have been remarkable stable if you look back. The losers are consumers and workers, because everything costs more and salaries don't rise as fast.
> Stage 2 is then it increases prices <-- only affects very low margin businesses which are a small minority.
Every mom and pop shop is a low margin business. Most business are low margin, only a few have a really high margins, the ones we all know and talk about.
>Stage 3 is it triggers job losses <-- to my knowledge it's never been raised high enough to make this happen. maybe $50 / hour would be the threshold.
I can only recommend you expanding your knowledge. It's like saying why do we need car seats for babies, because when we were younger we didn't have them and did just fine. Of course those that didn't make it aren't here to tell their story.