US minimum wage map

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If minimum wage makes a country off better, and people richer, why not jack it up to $15 an hour?  Why is opebo wrong?  Unless you believe that it isn't actually beneficial for the country...

The economic benefit of a minimum wage is not monotonic.

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There is no economic benefit to price controls.

Not even when Enron was price gouging California?

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Interesting, although most of the higher than minimum wage law states were won by Kerry, Alaska has $7.15 an hour, and in addition is guaranteed at least $1 per hour more than the federal minimum wage. It ranks number 3, beating states like NY, MA, and CA.

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Interesting, although most of the higher than minimum wage law states were won by Kerry, Alaska has $7.15 an hour, and in addition is guaranteed at least $1 per hour more than the federal minimum wage. It ranks number 3, beating states like NY, MA, and CA.

Alaska has the unusual situation of having, in general, higher priced (due to transportation costs).  I'm not entirely sure that this is a "real" higher minimum wage.

How would it be fake? Also, San Francisco, Manhattan, and Boston aren't exactly the cheapest places to live in.

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I have no issues with a minimum wage, provided it doesn't get out of hand. No matter what side of the fence one is on, I don't think anyone wants to see the return of the Jimmy Hoffa days. Grinding poverty is probably worse overall for the country than the fact that there is a minimum wage, so a baseline wage on which people can get by until they can work there way up does not bother me at all. Should it be 8, 9, 10 $ an hour? Heck no.

BTW, if no one has seen the Jack Nicholson/Danny DiVito/JT Walsh movie Hoffa made around 1992 - it is a fantastic movie. Blistering performances.

In Feb. 1968, it was $1.60 an hour for most people.
http://www.dol.gov/esa/minwage/chart.htm

Adjusting for CPI, that is $9.17 an hour.
http://research.stlouisfed.org/fred2/data/CPIAUCSL.txt

As for the non-farm amendment parts, those were $1.60 an hour in Feb. 1971, which gives $7.86 an hour.

As for the farm amendment parts, those were $1.30 an hour in Feb. 1969, which gives $7.12 an hour.