It will help liberals feel good though.... So there's that.
https://www.city-journal.org/increasing-minimum-wage
The minimum wage is a blunt instrument. It does not distinguish between the teenage child of a wealthy family and a single-mother high school dropout; indeed, it encourages employers to prefer the former even more than they likely already do. So it fails on the first count. And while workers certainly prefer to be paid more rather than less, the minimum wage violates the “all else equal” assumption on which economists rely, as employers find other ways to reduce labor costs. Ultimately, an increase in that cost of labor will reduce employment. For myriad reasons, it takes time for the minimum wage’s effects to be seen in the number of jobs, even as it affects the nature of the jobs themselves and the types of people who fill them.
https://www.city-journal.org/increasing-minimum-wage
The minimum wage is a blunt instrument. It does not distinguish between the teenage child of a wealthy family and a single-mother high school dropout; indeed, it encourages employers to prefer the former even more than they likely already do. So it fails on the first count. And while workers certainly prefer to be paid more rather than less, the minimum wage violates the “all else equal” assumption on which economists rely, as employers find other ways to reduce labor costs. Ultimately, an increase in that cost of labor will reduce employment. For myriad reasons, it takes time for the minimum wage’s effects to be seen in the number of jobs, even as it affects the nature of the jobs themselves and the types of people who fill them.
