Why Everyone Is Laughing at the Democrats Minimum Wage Bill Right Now
. . .The Democrats have put forward their bill to raise the minimum wage to $15/hour…by 2025. Yeah, you read that right. Personally, there should be no minimum wage, which The New York Times editorial board supported in 1987. Let the market decide the wages for these low-skill workers:
No wonder, but still a mistake. Anyone working in America surely deserves a better living standard than can be managed on $3.35 an hour. But there’s a virtual consensus among economists that the minimum wage is an idea whose time has passed. Raising the minimum wage by a substantial amount would price working poor people out of the job market. A far better way to help them would be to subsidize their wages or – better yet – help them acquire the skills needed to earn more on their own.
An increase in the minimum wage to, say, $4.35 would restore the purchasing power of bottom-tier wages. It would also permit a minimum-wage breadwinner to earn almost enough to keep a family of three above the official poverty line. There are catches, however. It would increase employers’ incentives to evade the law, expanding the underground economy. More important, it would increase unemployment: Raise the legal minimum price of labor above the productivity of the least skilled workers and fewer will be hired.
If a higher minimum means fewer jobs, why does it remain on the agenda of some liberals?
JUST IN: House and Senate Democrats introduce legislation to raise the federal minimum wage from $7.25 to $15 by 2025. pic.twitter.com/yW9hGZmmYK
— NBC Politics (@NBCPolitics) January 26, 2021
By 2025…just in time for next election. Y'all have been had!!! pic.twitter.com/jRRrtu2nGY
— Aaron L (@Gold_Bugg) January 26, 2021
Flashforward to 2021 and we know which side has won and what it has done for these workers. It’s screwed them—royally. They tried this in Seattle, and it’s ruined the restaurant business. Even USA Today was saying let’s pump the brakes on these minimum wage increases to $15/hour because studies and its application show that it hurts workers, cuts their hours, and kills their employment. It injects steroids into the automation timelines which eliminates a host of these minimum wage jobs as well. (Read more from “Why Everyone Is Laughing at the Democrats Minimum Wage Bill Right Now” HERE)
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