Raising the minimum wage won't make prices soar
According to a letter published ON April 12, raising the minimum wage will hit us all in the wallet. The writer used the price of a McDonald's Big Mac to support his statement.
The last time I checked, the price of a Big Mac was $4.39. The writer implies that price is tied directly to the minimum wage, which means it should cost $7.25. He also states if the minimum wage goes up to $15, a Big Mac will cost $15.
I checked the Big Mac index, published by the Economist, to see what the cost would be in Australia, where the top minimum wage is $16.88. The price "down under" is $4.20 — less than the U.S. price. This sounds like the price will go down if the minimum wage is increased.
It is time to stop whining about the dire effects of raising the minimum wage and admit that the real effect will be a bigger paycheck for low-wage workers.
Bill Van Vugt