this post was submitted on 23 Sep 2024
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raising min wage doesn't raise prices... that's conservative bullshit
"we find prices grow by 0.36 percent for every 10 percent increase in the minimum wage."
Assuming that math is linear, a $15 an hour minimum wage would be 100% increase and responsible for an additional 3.6% inflation. We can argue about whether or not this increase I’d wroth it, but it is hardly 0.
That being said, I suspect this math has changed since Covid. Wages have generally gone up I would not be shocked if many companies are already paying their formerly min wage employees more. The fewer people between 7.25 and $15 the lower the impact on “the economy”.
Can't wait for somebody to figure out how to spin wages being mismatched from productivity, and the resulting corporate profits as a net reduction in tax revenue and reduced market participation per capita, then start teaching the MBAs this.