Increasing the cost of a big screen TV back to $5,000 will not raise the cost of living. Making luxury items more expensive to pay the Minimum wage is the way to go. Cost of living is not linked to how much for a Whopper or a Double Cheeseburger.Link minimum wage to cost of living. When Cost of Living goes up so does the Minimum wage.Higher paid Labor can afford to pay more in Taxes and create more in demand. Only the right wing eschews not Only capitalism but also the laws of demand and supply in their special pleading.Oh, so after raising taxes on businesses, the wealthy and the Middle Class...you're going to REALLY bring the economy to it's knees by forcing US businesses to compete with foreign competition with labor costs that are through the roof? You're a regular economic GENIOUS, Daniel! (eye roll)
Explain to me how this works, Daniel!
Your entry level worker that used to make $8 an hour will now make $15. So how do you think the more skilled worker that was making $12 an hour is going to react to that? Obviously, they're going to want just as large a raise which now puts their hourly wage at $19 an hour which is more than the supervisor of that shift was making at $18 and hour. So obviously the supervisor will demand an equally large pay increase to keep pace.
All you've really done with your $15 an hour minimum wage is create a serious case of wage inflation...which of course will shortly be followed by a serious case of price inflation to try and pay for all these new higher wages! So at the end of the day what have you accomplished? When you account for inflation nobody is making any more REAL income than they were before! Their wage went from $8 an hour to $15 an hour but their electric bill went up...their rent went up...the cost of the car they wanted to buy went up...that cup of coffee they get at Starbucks went up!
Do you not understand simple economic principles?
It's a fine concept until you realize that increasing the Minimum Wage is probably going to raise the Cost of Living...which in turn raises Minimum Wage...which once again is probably going to raise the Cost of Living and so on and so on. It's like rolling a snowball down a steep hill...
The "way to go" is to let a free market determine what a wage is worth. It always has been.
I remember when they imposed a "luxury tax" on boats, Sly because someone decided that taxing things that only rich people buy made sense! So what happened? Sales of boats plummeted and a whole bunch of regular people who made their livings making those boats got laid off. What you propose "sounds" so logical until you implement it and then you realize that making luxury items more expensive simply means people won't buy as many of those items and you haven't raised any more taxes than you did before...but you did put a lot of people out of work!