Reply to Help me understand the impact of a $15 minimum wage?

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[quote=Anonymous][quote=Anonymous]Right now we are subsidizing those companies that only pay $7-8 dollars via the subsidies or safety nets for people living below the poverty line such as food stamps, Medicaid etc. I’d love to have the $15 champions identify what could be saved by the government and tax payers if the minimum wage goes to $15. [/quote]

These are very different things.

A person's wage is determined by the economic value of his/her labor. Economic value is simply how much a consumer is willing to pay for something in a competitive market. If someone working at Wal-Mart is paid $10 an hour, that's the economic value as determined by the marketplace as paid for by shoppers of Wal-Mart. Wal-Mart is deriving only $10/hr of economic value out of this worker. It's not as if Wal-Mart is deriving $15/hr of economic value, pays the worker $10, and the remaining $5 is paid for by the government through social programs. This is simply not the case. If it was this easy, why don't Wal-Mart simply pay their store managers $10 an hour as well, and have the government "subsidize" those store managers? [/quote]

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