Virginia minimum wage increase sparks debate
VCU student: $9.50 an hour is not that much of a difference, but. it makes a difference
The change comes as many business owners are still feeling the economic toll of the pandemic, so some critics are especially concerned about the timing of the move. However, others say it s been a long time coming.
By: Tyler Layne
and last updated 2021-05-02 19:53:29-04
RICHMOND, Va. For the first time in more than a decade, Virginia has raised the hourly minimum wage for workers sparking a debate over the benefits and downsides.
The change comes as many business owners are still feeling the economic toll of the pandemic, so some critics are especially concerned about the timing of the move. However, others say it s been a long time coming.
However,
small business owners understand the limited impact of artificial inputs. As such,
they will not make long-term hiring decisions, an ongoing cost, against a short-term artificial increase in demand.
Also, given President Biden is focused on more government regulation and higher taxes (which falls squarely on the creators of employment),
increased costs will further deter long-term hiring plans.”
Such was explicitly a point made by the
“Higher wages would increase the cost to employers of producing goods and services. Employers would pass some of those increased costs on to consumers in the form of higher prices.
Those higher prices, in turn, would lead consumers to purchase fewer goods and services.