Yesterday, I did some “family time” by taking Genia and the twins to see “Race to Witch Mountain” at the Regal Boardwalk movie theater. Watching DVD’s is fine, but there is just something about seeing a movie on the big screen that is better. Of course the boys wanted some snacks – specifically some chocolate dots.
They cost me $4.25 each for some ice cream dipped in chocolate. Ouch! But they were good! Here is the funny thing. There were 2 teenagers working the counter – a young white girl and a young black gentleman. The girl commented that the price of the dots had gone up.
The young guy responded, “Yeah, the minimum wage is going up so the cost of snacks is too.”
My jaw almost hit the floor! I congratulated him for knowing the basics of economics: when the cost of goods sold is increased, the selling price will typically be increased to close the gap on margins.
The young man responded again, “Yeah, I know. It just drives costs up for everyone so we don’t really get a raise.”
Now, if a young black teenage guy gets it (who is not the typical demographic to respond negatively to minimum wage increases), then why can’t everyone else?
Note: I only mention race because it is relevant to demographics, voting preferences, etc.
