Bernie Sanders glorifies it….
Hillary Clinton has chosen to follow along to $12…and in some cases $15
California has gone to $15 and so has New York….
It should be a boon for poorly paid workers…..Right?
But…
Who is gonna pay for it?
You, Me and that minimum wage earner….
That’s who…
I’m ALL for this …
But the fact is ?
Companies ARE gonna raise their prices to keep their margins the same as they are right now before the increase kicks in…
So how much will the poorly paid actually benefit is anyones guess…
Sen. Bernie Sanders wants a national $15-per-hour minimum wage and Hillary Clinton supports a $12 national minimum, but thinks $15 is right for some areas.
In last week’s Democratic debate, Sanders denounced Clinton for her insufficient ardor in racing to $15. Clinton took umbrage and the shouting match that ensued led CNN’s Wolf Blitzer to admonish them both: “If you’re both screaming at each other, the viewers won’t be able to hear either of you.”
With the exception of some very cynical labor unions that support a higher minimum wage because it amounts to an indirect subsidy of their members’ earnings and some politicians who know it is bad economics, the Fight for 15 movement is entirely well-intentioned. But good intentions do not automatically translate into good policy.
Last week, this newspaper reported that California’s recent decision to raise the minimum wage to $15 by 2022 is already having nasty consequences. “I used to pay $5 to get this sewn, and now it costs $6.50,” Felix Seo, the owner of L.A.-based Joompy told the Times, holding up a patterned dress. “But my customer doesn’t want to pay that, so I can’t sell it anymore.”
…
Simply put, a minimum wage is no different from a tax on firms that use low-wage and unskilled labor. And … if you tax something you get less of it…
…
“Economically, minimum wages may not make sense. But morally, socially and politically, they make every sense because it binds the community together to make sure parents can take care of their kids.”…
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