I don't think it would necessarily be that bad. Republicans, who dislike sudden, large changes in the minimum wage, generally argue that because businesses have only a limited ability to raise prices, their profits will be cut. Small businesses in particular may be prone to severe losses, leading them to go out of business.
I don't know that higher-paid employees will necessarily ask for more (although they may be subject to salary freezes); I don't think that a sudden, large increase in inflation is really something to worry about.
As far as minimum wage workers being screwed, yes, they still will be. |
