Tuesday, August 13, 2013

GOP Congressman: Minimum Wage Hike to $10/Hr = $20 Hamburgers

Just when you thought the GOP's arguments couldn't get any more insane:

 


That's right, a roughly $3/hr increase in the minimum wage will cause your McDonald's hamburger to rise to $20.  Boy, McDonald's sure has some unique cost curves!

The GOP has been pushing an argument that raising the minimum wage would cause prices to soar, but of course there is no actual evidence of this.  Many studies seem to estimate that at worst, a 10% rise in the minimum wage is correlated with a 4% rise in fast food prices and a 1% rise overall.  Reality is probably much less than that.

Then again, the GOP doesn't deal in reality, as evidenced above.

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