Means more unemployment!
100 people employed at $10/hr
Now it will be 66 people employed at $15/hr
34 people more people unemployed.
“Means more unemployment!
100 people employed at $10/hr
Now it will be 66 people employed at $15/hr
34 people more people unemployed.”
There will some of that for sure. But, wealth, value are relative. Assume that $15 becomes the new minimum wage; currently there are lots of folks with skills of value making this. So, they will say, hey, we do more, know more, than those no skilled entry level folks so now we want $30/hr. Ok, starting to get the idea? Right now, $30/hr buys an employer very highly skilled employees. These folks will say hey, we now want $60/hr. So, on and on it goes. Pretty soon everything will adjust relatively to the new minimum. Oh, btw, ever wonder why unions are supporting $15/hr minimum? Because, their contracts have a clause that states if the minimum wage goes up then Union scale goes up proportionately. Pretty neat, huh?