Minimum wage increase
EDITOR: Many years ago when I was advising clients, a restaurant client bemoaned the minimum wage increase that occurred that year (“Minimum wage hike gets mixed reviews,” Tuesday). The world was going to end. How would he stay in business? He'd never make any money. There was great wailing and gnashing of teeth.
One year later when I looked at his tax return, his personal income was the highest it had ever been — well over $100,000. This was in the 1980s, and he owned a small fast-food restaurant.
A minimum wage increase that forces business to pay higher wages so that their workers can actually pay their bills is only a problem if business makes it a problem.