In the microeconomic sense, the minimum wage should increase unemployment, but in the macroeconomic sense being long term and the economy as a whole, it should have no effect on UE, but will increase the GDP and personal spending power. One should also realize people in this wage zone have the least DI (disposable income) and their MPC (marginal propensity to consume) is much greater. Inflation may go up a little but the real wages will definitely increase so ergo I favor a min wage increase.
Any increase in purchasing power from a higher minimum wage will be offset by a decrease in purchasing power somewhere else.
Of course - the goal is to transferr purchasing power from the owning class to the working class.
Forgot to mention that opebo. That is why I abhor supply side economics. It's a sorry excuse to give the wealthy more purchasing power. The CATO Institute and Club for Growth are glorified PACs that hope to carry these objectives out.
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