Setting a minimum wage far above the economic productivity wage for unskilled labor will result in lost hours and lost jobs for workers. It also means many businesses will just have to close up shop as labor will be too expensive. An unsustainable minimum wage is “good” for many unions however who often have their wages pegged to the minimum wage. In the short run the unions will have more dues and these dues will then be used to fund politicians (voting to raise the minimum wage).
The idea had been floated earlier by two Senate committee chairs following the Senate parliamentarian’s ruling that the minimum-wage proposal fell afoul of the rules for the legislative process which Congressional Democrats are using to advance Biden’s aid bill, requiring that measures be primarily fiscal in nature.
Democrats are seeking a phased-in increase in the federal minimum wage from $7.25 to $15 an hour.
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Author: Nick Sorrentino
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