Go Quote by Thom Tillis
“Obviously, we want people to be paid a wage that could help make ends meet, but when you increase artificially the cost of labor to do a job, then oftentimes, those jobs will just go away.”
About This Quote
Source Speech: Economic Policy Discussion, United States Senate, 2022
Increasing wages artificially can raise labor costs, causing businesses to eliminate jobs or automate, undermining employment goals.
In simple terms: Higher wages may lead to job loss.
Key Takeaway
Balance wages with productivity.
Themes
economics
labor markets
policy
employment
inflation
Mood
concerned
analytical
Type
policy
economic
cautionary
When to use this quote
- government budgeting
- small business hiring
- industry regulation
- skill development
Key Concepts
price elasticity
automation
minimum wage
business sustainability
Questions to Reflect On
- How can we raise living standards without harming employment?
- What alternatives exist to a wage hike?
A Different Perspective
Higher wages can trigger unintended job reductions.
