The Sunday Associated Press story, “Low paying jobs aren’t a way up-they’re a way of life,” captured the limelight, plus that President Obama is doing his executive best in attempting to increase the minimum wage leaves out some of the collateral consequences, especially to some consumer classes, i.e. the poor and elderly.
Prices are going to go up to compensate the retailers’ raise in wages. Some retail businesses will simply set up shop in foreign countries where cheap labor is the definitive economic way of life for employees.
The Great Depression had a national brush stroke effect on many businesses and wage earners alike but until the economy gets better than the posted 1.9 percent last year (well below post WWII average of 3.2), an increase in wages isn’t feasible.
— Delores Cantrell, Fort Worth