What good will it do to raise minimum wage?

because we'll feel self righteous and that's what really matters

That's part of it.

But often times firms will find they cannot raise prices high enough to fund to cover the increase in wage costs. Because the demand curve is downward sloping.

That means unemployment will happen.

Minimum wage is an incredibly STUPID way to increase take home pay.

A MUCH MORE EFFICIENT AND LESS HARMFUL POLICY to raise poor people's take home pay is to expand the EITC to include single earners.

Let’s make it $100 minimum wage. Then everyone will be rich.

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If everyone raises their prices to make up for the raise in minimum wage and therefore raises the cost of living for everyone.

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Because the benefits are focused and the costs are diffuse. So everyone pays a little more so that a few can be paid more than the market will bare.

So the overall benefit to society is negative (if much) but the benefits to the low wage earner (those that still have a job) are still positive because that wage will still outpace inflation.

What pisses me off is I have 20+ yrs experience and my masters and burger King is paying 15/hr?! That just makes my pay seem like less....

If that makes sense.

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therefore raises the cost of living for everyone.

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What this actually does is frick eveyone who was already making more than the minimum wage.

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What pisses me off is I have 20+ yrs experience and my masters and burger King is paying 15/hr?! That just makes my pay seem like less....

If that makes sense.

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+1 for your corgi

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As some one who owns a business that will be forced to increase wages across the board bc of these increases, I will pass on the increase to the customer. I cannot take that big of a hit. Sorry.

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Okay, but then people have more expandiable money to spend now that they are getting paid more, so you keep your prices the exact same, but see your total daily sales increase, so you are still profiting the same percentage and your workers can actually stay with your business for longer and go home with a liveable a wage.

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Let’s make it $100 minimum wage. Then everyone will be rich.

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By that same logic. If we lower the minimum wage, then everything will be dirt cheap.

Making simplistic arguments on very complicated subjects is a race to first place in the contest of idiocy

Eventually we will get to the point like in Germany with the mark where people are having to carry a wheelbarrow of cash to the grocery store to get a loaf of bread.