Originally Posted by peacepipe
It will never happen,cause business owners know no one will pay that much for a burger. They'll go out of business. They'll have to eat the cost. They can take a little less profit and stay in business or go out of business cause they wanna be greedy. There's a reality all business owners know,it's not what they want for a product,it's what someone is willing to pay for it.
Perfect example of the mentality of supply side economics. "If we raise the minimum wage, businesses will be able to charge whatever they want and people will HAVE to pay it."
Meanwhile, sane people everywhere realize that if the market truly determines price, businesses will only charge what people are willing to pay, and people aren't going to pay $10 for a burger at McDonald's just because they're making $25k now.
It's weird how the conservative mantra is always to let the market determine prices, but when faced with the reality of that actually happening, they can't really seem to connect the dots.