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Because, unlike what you suggested, policymakers are able to calibrate the minimum wage so it doesn't cause companies to go out of business.
by twblalock 7y ago
Because, unlike what you suggested, policymakers are able to calibrate the minimum wage so it doesn't cause companies to go out of business.
- arrosenberg 7y agoLarge corporations are making bigger profits than ever and the minimum wage isn't being calibrated to actually ensure a decent standard of living.
- nearbuy 7y agoOnly about 2% of hourly paid workers earned federal minimum wage or less in 2018 in the US [1]. This percentage has been dropping over the past few decades. I think this implies that minimum wage has been calibrated to be low enough that it makes little difference overall. [1] https://www.bls.gov/opub/reports/minimum-wage/2018/home.htm https://www.bls.gov/opub/reports/minimum-wage/2018/home.htm
- twblalock 7y agoThat's misleading because the federal minimum wage is lower than more than half of state minimum wages.
- nearbuy 7y agoRight, because the federal minimum wage is calibrated to be low enough that it doesn't make much difference. In Texas, where the state minimum wage is the federal minimum wage, there are still only about 3% of hourly workers earning minimum wage or less.