True. That increase in cost will be 100% passed on to the consumer. You’re going to see it in cars, flights, movies, and just about everything else. These “inflation” prices will stick as a result.
This is especially true for small businesses. Minimum wage is going from $10 to $15 an hour over 5 years in Florida. If I told you my rent was going up by 50% over 5 years, people would say unkind things about my landlord, and rightfully so. But payroll going up like that is awesome or something, and money grows on trees. We can’t even compensate by raising prices much, because prices have already gone up so much on their own.
And what do we get for that increased salary? A 22 year old with an attitude because they think they should get $20 per hour, even though they can’t spell, don’t help customers with any sense of urgency, and think they have a God-given right to scroll on their phones at work.