The problem with this reasoning is that many things are not mandatory or non-optional as part of our economy. That is, if what your company does isn't critical or absolutely necessary to society, then you may very well go bankrupt and NOBODY will choose to do what you did in your stead.
The other likelihood is that you get replaced by a machine.
McDonald's counter help? Don't need you anymore. You were replaced by a kiosk.
So, I the owner got rid of say 8 positions to keep my other 6 and my payroll overall stays the same. I didn't go bankrupt, but I did create 8 newly unemployed people now living in poverty. So, your whole theory there needs some serious revision.
And, the economy won't boom. Sure, those below $15 an hour now make more, but those at or above $15 an hour now feel slighted by the fact that their higher skill levels are underappreciated and they too want raises. That all costs money and raises the price of goods and services. In the end, the economy takes a hit and then settles back to steady state. The artificial wage increase is adjusted for and everybody ends up back were they were before it happened. Sure, now a $5.00 burger costs say $9.50, but that's the market price at a $15 minimum wage...
The problem with this reasoning is that many things are not mandatory or non-optional as part of our economy. That is, if what your company does isn't critical or absolutely necessary to society, then you may very well go bankrupt and NOBODY will choose to do what you did in your stead.
The other likelihood is that you get replaced by a machine.
McDonald's counter help? Don't need you anymore. You were replaced by a kiosk.
So, I the owner got rid of say 8 positions to keep my other 6 and my payroll overall stays the same. I didn't go bankrupt, but I did create 8 newly unemployed people now living in poverty. So, your whole theory there needs some serious revision.
And, the economy won't boom. Sure, those below $15 an hour now make more, but those at or above $15 an hour now feel slighted by the fact that their higher skill levels are underappreciated and they too want raises. That all costs money and raises the price of goods and services. In the end, the economy takes a hit and then settles back to steady state. The artificial wage increase is adjusted for and everybody ends up back were they were before it happened. Sure, now a $5.00 burger costs say $9.50, but that's the market price at a $15 minimum wage...
A federal minimum wage is jamming it down the throats of all 50 states regardless if they support it or not.
You're going to force small businesses in small towns to downsize employment or go out of business. MegaCorps like McDonald's will just automate.
If you really want to help people, then focus on cities and/or states where they need the money just to pay the rent or eat.
The cost of living and, therefore, the cost of a living wage is not the same across the USA so why force one on places that don't need it? Democrats always seem to fall into the trap of ONE-SIZE-FITS-ALL. It doesn't and is likely to cause as many problems as it solves when that approach is taken.
https://www.businessinsider.com/mos...s-in-america-regional-price-parity-map-2017-7
