Nibble
New member
- Jan 3, 2007
- 19,238
Legislation is not a replacement for economic prospority. You can't just make everything better by forcing companies to pay £10/hour to everyone, they will just (1) raise their own prices to protect their profits and (2) lay people off in accordance with however many fewer goods they sell as a result of the higher prices.
You can print and give everyone in the country £1 million, it would make them millionaires but it wouldn't make them any better off than they were before.
I see what you think you mean, but you are quite wrong. It's not equivalent to printing money as you are employing people. No-one is printing out ten pound notes every hour. This comes out of the companies income. Simple. It's not newly minted money is it. These people who pay taxes, income tax, who spend money on other goods and services. The fact that you pay them a decent minimum wage only means more goes back to the economy in the end. It is redistribution of wealth in it's purest form.
If a company cannot afford to pay it's staff a decent wage they shouldn't be operating. The £10 mw would get shot of a lot of companies that are a burden. Companies like Amazon wouldn't forclose, believe me.
The taxpayer and welfare state wouldn't have to pay WTC and othe rbenefits either.
No, there is simply no argument against raising minimum wage that holds water.