It is the gospel for many cash-strapped college students who are fed a steady diet of economic theory and social engineering by professors who aren’t economists and tend to lean toward socialism: Raising the minimum wage raises everyone’s lot in life. There is little doubt that increased earnings tied to increased productivity lifts people’s economic lot. But the wholesale raising of the floor — especially in large steps — backfires at worst and ultimately ends up as a wash at best.
Creating maximum damage by hiking minimum wages
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