by user OK Felb OR
The Senate finally got around and passed a minimum wage hike -- a hike supported -- yes, supported -- by "big business". Fortune 500 CEOs across the board approved of the hike, which many use as sign that the minimum wage is good for the economy. But that's a damn dirty lie.
The reason meglocorporations like a high minimum wage is simple: they're already subject to higher wages because either they have a ton of unionized employers, are terrified of the bad press, etc. Or, even worse, they out-source these low-paying jobs to India and other developing countries -- places where the U.S. minimum wage doesn't apply.
The effect: This hike doesn't affect big corporations. Period.
Who does it affect? Competitors of big corps:
"Any minimum wage increase will significantly affect the bottom line of the nation's small business owners," says Bruce Josten, executive vice president for government affairs at the U.S. Chamber of Commerce. "The increase will not help those it is purported to help and will force many small businesses to reduce employee hours, benefits, and new hires, and may even lead to layoffs."
So, Joe's Pharmacy loses -- and Wal*Mart wins. Annie's Computer Repair loses -- and Dell wins. And the beat goes on.
So, why, again, are liberals supporting this junk?