“Adjusted for inflation $15.00 would be equivalent to $2.00 in 1965. High, but not earth shattering.”
Good, you might understand my theory on all of this. I think
the minimum wage does two things. One, it causes the effect
of inflation to start at the bottom of the economy along
with at the top. Two, it’s a boost in tax revenue for the
government. The bad thing is it forces a huge monetary
sacrifice on business and the middle class by raising the
cost of business while causing a lull in revenue and a
loss of retirement and savings due to a weaker dollar.
If we had a proper country with very restrictive immigration the need for a minimum wage would be diminished. But open borders and no floor on wages would turn the US into Brazil even faster than we are heading there now.