Los Angeles has now joined a chorus of other cities in raising its minimum wage to $15 an hour. I can hear the shit squirting out already from all the bowels blown on the right. There are several myths about what raising the minimum wage can do to economies. Let's dispense with all of them right now because it's pretty easy.
The minimum wage has never even come close to market equilibrium so anyone that caterwauls about how it ruins businesses has absolutely zero evidence to back this up. The minimum wage has been so low for so many years that all discussions about the effects of raising it are theoretical, really. With a variety of cities across the nation from different regions of the country, the next few years will show us exactly what happens when you raise the minimum wage to a livable level (see: more people have more money, they buy shit, businesses hire more people, economic growth).
Further, if you look closely at each of these laws, small businesses are exempt from many of them. So, the whole sob fest about Mom and Pop's store on Main Street going out of business because of liberals is a giant pile of shit. In reality, Mom and Pop's store on Main Street is going out of business because of the large corporations (supported largely by the same people who are blowing bowels about the minimum wage) moving into a town.
It will be interested to note how the minimum wage naysayers engage in motivated reasoning as the facts come in...:)
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