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When minimum wage goes up, only people making between the former minimum wage and the new minimum wage get more money. Everyone else makes the same. This means
by timbit42 5y ago
When minimum wage goes up, only people making between the former minimum wage and the new minimum wage get more money. Everyone else makes the same. This means increasing minimum wage by 10% might only see an overall increase in the cost of goods and services of 3%.
An increase in minimum wage means those getting the 10% increase have a 7% better quality of life. Those who already made more than the new minimum wage now have a 3% quality of life decrease.
- pnutjam 5y agoThe economy is not a zero sum game. Many higher wages will also go up. Furthermore, there are plenty of things that money can't buy. Most of us do much better in life when the people around us are also doing better. You don't live in the cheapest slum you can find, do you?