I've said this for many years. A $15/hr wage might actually work in San Francisco, it could also be devastating to Hog Wallow Tenn. But remember, those in SF will relish the suffering in Tenn.It's not just expenses. Most small business owners have much bigger investments at risk than their employees would imagine. I have a friend who is a chef and is opening up his own restaurant. He has about $30,000 of his saving going into it plus he has a personal loan of $60,000 and this is not a large restaurant.Maybe they should not pass the wage increase on to the consumer. Sooner or later these business owners need to take the hit.
There it is folks, exactly how the left views business owners. They have this bizarre idea that all business owners just need to write bigger checks, and their own personal wealth will cover things.
Fucking amazing.
They will when people stop going to their restaurant because the prices are too expensive. Capitalism isn't a left sided mindset.
I think you are overlooking massive costs to the owner. Utilites, insurance, health insurance, frivilous slip-fall & lightswitch too low lawsuits, Unemployment costs, workers comp, mortgage, TAXES (FED, Local, state) Phone, equipment, maintenance, service contracts, TAX prepare, Lawyers, Accountants, Book keepers, Cars, Gas on and on.
You try it.
The owner should not only collect enough revenue to pay his business expenses and living expenses but also a good return on a high risk investment.
I believe in minimum wage but not at the federal. There is far too much variation in the costs around the country. Even at the state level, a minimum wage in a large city may be totally inappropriate for a small rural town.