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in Chicago minimum wage is one of the highest, if not the highest in the country and so is the unemployment rate. The effect of raising minimum wage will high
by vasilipupkin 12y ago
in Chicago minimum wage is one of the highest, if not the highest in the country and so is the unemployment rate.
The effect of raising minimum wage will highly depend on what level it is raised to and how strong the local economy is.
- vasilipupkin 12y agoNormally, I am not too bothered by the downvotes, but this one makes me chuckle. effects of unemployment rate is not a settled matter in economics, and it's highly politicized - with left wing leaning economists publishing all sorts of empirical studies showing no effect or mixed effect and right wing economists doing the opposite. But, clearly, raising minimum wage to $15 in a strong economy like Seattle will have a less adverse effect, if any, than in a weak local economy such as Chicago
- morgante 12y agoThe downvotes are because you didn't make a clear point. Chicago has a high minimum wage and high unemployment, seemingly affirming the economic rule of price floors creating surpluses. So was that your point? Just stating a data point and then offering a generic platitude (things depend on things) isn't making a substantive contribution.