LA labor leaders push hard for $15 mim wage, but hold on a second... (user search)
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  LA labor leaders push hard for $15 mim wage, but hold on a second... (search mode)
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Author Topic: LA labor leaders push hard for $15 mim wage, but hold on a second...  (Read 1681 times)
AggregateDemand
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Posts: 1,873
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« on: May 28, 2015, 07:39:39 AM »

I don't have a huge problem with a $10.10 minimum wage, because the market price for unskilled labor is such that this price floor wouldn't result in too much job loss.  On the other hand, evidence like this shows a $15 minimum wage can be a real problem for the marginally employed.  An effective or binding price floor on labor will result in an increase in unemployment, and $15 is just going too far.

True, if you're comfortable with all of the jobs that have already been tossed in the bin. BLS estimates employment for 16-19 demographic to be 33% of what it was in the 1970s. We got away with minimum wage in the 1970s because we had no international competition. Lack of competition isn't the case today. Furthermore, what good did min wage do when Democrats raised in gratuitously in 2007? It didn't stop the recession and it made the sticky wage problem more acute.

Min wage is the laziest policy available to law makers. It allows them to shift their Constitutional obligations onto the private sector.
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