Quote (JessiWan @ May 1 2023 03:13pm)
Are you sure? Cause I have heard the opposite. Walmart supports raising the minimum wage, because it would drive the little mom and pop stores, their competitors, out of business.
Minimum wages driving mom and pop shops out of business is a myth. The observed data around actual real world minimum wage increases has been small businesses doing better because it increases spending in the economy.
The lowest wage workers also have the least ability to save, for obvious reasons. They're already living paycheck to paycheck, so having more money just means they can finally get that car fixed or maybe afford to eat out once a week. This spurs all business activity and leads to gains that drastically outweigh the costs.
This was the subject of the nobel prize in economics two years ago and has been repeated several times since.