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If a business loses customers, it cannot afford to pay employees. If politicians want to support a cause that will actually help poor people make more money, they should champion free market reforms.Smaller taxes and smarter regulations will allow businesses to continue doing what they do best—offering goods and services at prices that customers are actually willing to pay.While this sounds good in theory, it makes no sense in practice.In a free market, a customer will only buy a product if he values that product more than his own money. When an employee asks his boss to pay him more than he is worth, the boss laughs.One thing is certain, however—customers won’t necessarily agree to pay more for a product just because the owner has to pay his employees more.If the cost of labor increases and the cost of a business’ product or service does not, that company is going to take a hit—often a loss it cannot afford.I can’t reduce my expenses; in fact, salaries are my greatest expense, and per hour increases my expenses and reduces my profit.” Some advocates of the minimum wage wish to “stick it to the man,” hitting the billionaire CEOs.
“I can’t raise my product prices because of pricing pressure.
Customers may take Mc Donalds’ low prices for granted, but in a market based on human decisions they are a reflection of the value of fast food.
Customers don’t come to Mc Donald’s for a gourmet meal—they come to eat fast and on the cheap.
If a particular Mc Donald’s employee earns the company an hour, but the law forces Mc Donald’s to pay him an hour, the employee won’t get any richer, but he will get fired.
Across the country, the world’s most successful fast food chain has started replacing people with robots—automated screens—to “give customers more options as they order.” Undoubtedly, these electronic menus may actually provide more options—but they certainly present the franchise with a slightly cheaper bill.