[quote=EconProf]$10 per hour minimum wage.
Yep. That will sure help those minority teenagers get their first job.[/quote]
You want to be snarky but there are always lots of minimum wage jobs.
Even at that price.
Its 8 bucks an hour now and no shortage of fast food positions.
And its not like CPI (or whichever inflation metric you use) is blowing up.
Its not as stimulative as UI or as inflationary as “pallets of money on the corner” (oh my!) but it does increase aggregate effective demand at the lower end.
Not a particularly bad thing.
Businesses that pay minimum are generally among the most profitable in the aggregate (eg: fast food, discount retail, basic service).
Think of it this way:
How many McDonald’s are going to feel that much?
Having spent many hours reviewing books at a McD’s I strongly doubt it will mean jack or shit.
