My 3 biggest problems with the $15 M-Wage:
1. As noted above, when you raise the cost of labor then if possible the price of the product or service goes up, which means everybody's dollars don't buy as much. AND - if the price of the product or service becomes untenable, then the business closes. Why does the Left always assume they can raise the cost of labor without any consequences? There are ALWAYS consequences.
2. Some employees will get more in their paychecks, some won't because employers will cut their hours or benefits. And as the CBO noted, some 1.4 million will lose their jobs. How come nobody on the Left cares about that?
3. It's not just existing businesses that are effected but also future businesses that will never start because the risk vs reward calculation doesn't make the investment worthwhile. Do you understand the concept that money flows where it gets the best return?
Bonus: As also noted above, there are many places in the US where a $15 MW is too high relative to the local standard of living. Cities and states can and should set their own MW to fit their own circumstances. The federal gov't has no business getting involved.
The MW issue is really nothing more than pure politics, the Left playing to the voters. If they really cared about minimum wage workers, they wouldn't be supporting an open border policy.
jacobinmag.com
