On Jan. 4, you published a column in reference to the “minimum wage.” David Lazarus obviously does not understand the concept of profit or free enterprise.
Profit is what is left over after you pay for all the expense of running your business. It is the “left-overs” of the operation. When you run a business any money left after you pay all the costs (including labor) is profit.
The increase in the cost of gasoline or the other things that the employee spends his money on is not part of that equation.
If people can get the same product or service across the street for a lower cost and/or get better service, they will spend their money across the street. That system is called “free enterprise.” If the government requires me to pay you a mandatory wage, then the government would have to require that there be a “minimum price” so all businesses earn a “minimum profit.”
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Karl Marx convinced a country that would work. That system failed.