You’re assuming that we’re not in a high period during a depression right now. Look at what’s going on in Europe (not just Cyprus, but unemployment and GDP contraction).
Between sequestration and Europe, I suspect we’ll feel the pinch too in the next 2-3 months, even if it’s just a 5-10% pullback. Not sure if a $10 minimum wage will do a lot other than making employers more reluctant to hire — it’s cheaper to have one employee working longer hours (even at double time) than having two.
If the minimum wage goes to $10, it should be combined with mandatory 4 weeks of vacation plus higher overtime rates. 2x time for 40+ hr per week. 4x time for 55+. 8x time for 70+. 16x time for 85+.
Both encourage efficiency and spread the wealth around.
