7 years later, the evidence from reality is, a $15/hr min. wage does not drive out small business. - Politics Forum.org | PoFo

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7 years later, the evidence from reality is, a $15/hr min. wage does not drive small business out of business or destroy many jobs.

Seattle's Kshama Sawant: How $15 Minimum Wage Spread Like WILDFIRE



If this was done nationwide, there certainly be some adjustments in the economy.
One of them might be a rise in prices.
However, it would not lead to ongoing inflation.
The main 'damage' would be to the profits that large corps. are earning, which I don't care about because they often don't pay taxes at all and certainly not their fair share.
This 'damage' would be offset by the gains to most workers. Most workers because those making $20/hr now would very likely get a raise too.

OTOH, raising the min. wage for all corps. is a way to coordinate this so that no corp. loses by leading the way. All corps. gain additional sales because the poor have more money to spend at Main St. businesses who's owners, therefore, now have more money to spend buying stuff from large corps., etc., etc.

IMHO, all this increases the real GDP because money passes through more transactions before it is parked in a US bond or savings account.

Final thought. All economic theories are just theories. If economics was a science then its predictions would be tested by comparing them to what happened in reality. The fact that almost all econ. graduate students in 2 studies a decade apart said that 'looking at reality is not important to them' shows that econ., as taught, is not a science, and that it has had a terrible record of making accurate predictions.
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