danielpalos
Diamond Member
- Banned
- #61
I have mixed feelings on $15 minimum wage.
On the one hand, obviously it greatly helps the standard of living for those who get the huge wage increase.
On the other, a 100+% increase in pay with a zero increase in production is not good for business. Plus, the extra costs will be passed on to the customers.
Finally, the non-partisan CBO has stated that a higher minimum wage will cost many 100's of thousands of jobs nationwide. And that was only to $10.10 per hour.
The Effects of a Minimum-Wage Increase on Employment and Family Income | Congressional Budget Office
If the Dems take both houses in November (and especially if they also take the WH in 2020 - which the polls say looks likely right now)...this issue will probably re-surface in force.
Thoughts?
We have a First World economy; the economic reason for a fifteen dollar an hour minimum wage is because social services cost the equivalent to fourteen dollars an hour. We should not be subsidizing Cheap labor in a First World economy. Gains must come from efficiency. Unemployment compensation for simply being unemployed can pick up the slack.