Oopsie!

Great story well worth the read. Welcome to the Law of Unintended Consequences!

"Three months ago, Mr. Price, 31, announced he was setting a new minimum salary of $70,000 at his Seattle credit card processing firm, Gravity Payments, and slashing his own million-dollar pay package to do it. He wasn’t thinking about the current political clamor over low wages or the growing gap between rich and poor, he said. He was just thinking of the 120 people who worked for him and, let’s be honest, a bit of free publicity. The idea struck him when a friend shared her worries about paying both her rent and student loans on a $40,000 salary. He realized a lot of his own employees earned that or less.

Yet almost overnight, a decision by one small-business man in the northwestern corner of the country became a swashbuckling blow against income inequality.

What few outsiders realized, however, was how much turmoil all the hoopla was causing at the company itself."

Hoopla indeed. How about losing two of your key employees who thought it was unfair to pay new hires the same as experienced people who were not getting raises? Or customers who bailed anticipating (probably correctly although denied by the company) price increases? Oh well, at least unlike socialism these guys are only running out of their money.

www.breitbart.com/big-government/2015/08/02/gravity-payments-ceo-suffers-massive-backlash-after-raising-minimum-salary-to-70000/