This is capitalism. Let the market (nature) decide what is the right $ an hour. if you think the Government should intervene and give everyone $15 an hour. and everyone should be richer? you are dead wrong. When this happens, the market (again nature) will correct it self. Some jobs will move oversea, hence job loss, whether government likes it or not. small business and big companies will cut jobs so that they can still make profit, job loss. everyone else used to make more than $15 will also get a raise (otherwise they will complain and go somewhere else to get paid more).
First of all, it's not like the minimum wage will become $15 overnight. It will take several years to move that far. And even I, unabashed liberal, think that a $15 minimum is too high. But, you start somewhere and whittle it down.
As far as job losses, historically, there has not been a rise in unemployment related to minimum wage increases. In fact, from 1960 to 1968, minimum wage increased 3 times and a total of 60% in then-dollars (36% in inflation-adjusted dollars, yet unemployment dropped by almost half from 1961-1968. Even more to the fact, 1968 was the highest minimum wage in our history when adjusted for inflation, yet one of the lowest unemployment rates. The labor force participation rate was also increasing during this time. So, high minimum wage, low unemployment, and an increasing labor force. How is it possible?? After 1968, the minimum wage started to fall in inflation-adjusted dollars. By the mid 80's, the minimum wage had fallen by almost 25%, yet unemployment spiked to the highest levels in history.
As the result, inflation will increase (say 4 or 5 %). basically raising minimum wage is like raising the water level. everything will float and raise as the result (inflation). a gallon of milk will increase. so are egg, car, house, etc. so getting $15 an hour does not mean that you can buy more than you are used to. Due to inflation, your buying power remains the same as before because everything becomes more expensive.
It has been noted before, using actual numbers from major retailers, that in order to raise their wages by 50%, many retailers only need to raise prices by 4-5% to not affect profits. And with their workers making 50% more, they would likely see an increase in sales, and thus profits.
So, that Wal-Mart cashier making $8.50 an hour and working 30 hours a week, would see his paycheck go from $255 a week to $382.50 a week. So he'd have an extra $127.50 per week. But, if his shopping amounts to $100 a week, he would see his bill go up to only $105 a week. So, he makes $127.50 more a week, but has a few dollars more in expenses. Obviously, there's more to it, but prices would not rise an equal amount to labor cost increases. The biggest chunk of peoples' spending goes to rent/mortgage and food. Very little labor attached to rent and mortgage, so those prices shouldn't really rise much. Food going up a few percent wouldn't kill most people.
Democrat idea of raising minimum wage sounds very convincing but they only tell you half of the story.
As does your side. You just say "minimum wage increases kill jobs" while that has been shown throughout history to not be true.
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NO. Refer to previous posts for the principle of the matter.
There's over 400 posts in this thread. Forgive me.