The response to this is that inflation is a market force working against the downward pressure of demand. There is a limit to the amount prices can go up before people stop buying altogether.
Another inflationary force is greed, funneling additional profits into the pockets of the 0.1%.
Let the inflation due to minimum wage be X, and the inflation due to greed be Y, and the maximum total inflation be Z. X+Y=Z
Of course there are other variables, but in a general sense, if X goes up, Y must go down. If X does not go up, Y does.
So yes there will be inflation, but increasing wages takes more money from the ownership and puts it into the pockets of the bottom 99.9% where it will do far more good.
And in case it wasn’t clear, this is precisely why the oligarchy opposes increasing the minimum wage. It has nothing to do with inflation, and everything to do with they make less money.
Except that they have studies that prove that they make more money when they increase wages. Tons of em since the '70s have shown that putting more money in the hands of the poor just means that the rich get to skim off even more money. They oppose thriving wages because they want suffering.
It really is absurd… It’s like basic fucking logic… You have more money, so you have more money to SPEND. Who benefits from more spending? Those that own the things we’re buying!
But no… I need more more more more and fuck you for wanting a normal life. Daddy needs another private island. Git Gud suckers, just be a CEO!
You’re confusing a rising tide with a water hose. We absolutely know that increasing wages is good for the economy, but that helps everyone. Oligarchs benefit financially from poverty, even if the economy suffers. As you said, they want suffering, because it allows them to exploit people. Capitalism is the idea that one with means can leverage their position to capture disproportionate value from effort of others. Don’t confuse capitalism with the economy. Capitalists always make money, and they don’t necessarily make more money when the economy is thriving.
There is a limit to the amount prices can go up before people stop buying altogether.
Not when those items are necessities, like food. Damn us poor people and our need to…checks notes…eat.
McDonald’s is not a necessity. The price went up for one reason only: people will pay it. Is it that hard to make a hamburger or go to a basic deli? You can get a better sandwich and drink at the supermarket.
I’m not talking specifically about McDonalds.
Up here in Canada, One of our largest retail grocery chains has been under fire recently for those same practices. That’s more what I’m referring to.