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Reply to "Help me understand the impact of a $15 minimum wage? "
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[quote=Anonymous]The argument that I hear from those opposed to raising the minimum wage is that it will cause employers to cut jobs. However, it seems to me that the main impact is that it would cause pressure to raise wages for those currently making between $7.50 and $15 an hour. Someone who currently makes $15 an hour isn’t going to be happy to find themselves as a minimum wage worker. So if wages increases, inflation will increase causing those who will be making the new minimum to have roughly the same standard of living as they do now. At least, that’s how it would seem to play out to me. Can someone who has a better understanding of economics explain why raising the minimum wage wouldn’t significantly increase inflation, thus negating the benefit of a higher salary. [/quote]
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