Hello. Just wondering what your thoughts are about raising the minimum wage. Are you for or against it? Is it good or bad for the economy?

I had thought that it would drive small businesses, like mom and pop shops, out of business, due to higher costs. However, someone said that this was actually a myth. That it has been dispelled in Nobel prize economics. Do you think this really is the case?

As for my personal experience: I work minimum wage jobs, so whenever they raise the minimum wage, I am initially happy. Now I have more money to spend on things. However, once the honeymoon period is over, everything starts to go up in price. The initial increase in purchasing power erodes very quickly and I am back where I started.

Anyways lets share our thoughts. Is raising the minimum wage good or bad?

tie tax burden to wages paid and watch how quick they pay a living wage.

It just increases inflation & cost of living proportionally.

Remember "fight for 15"? Yeah, that's fight for 25 now because once 15 is met inflation increases proportionally.

a proper minimum wage is a good thing. Minimum wage increased too much is a bad thing.

that's not where inflation comes from. And certainly not why it is happening currently.

The trick is to shoplift instead of buying - thats for suckers

this is a myth that has been debunked a hundred times over

Could say "stop being a slave and join the mafia" but i will not because it is against forum rules.

You definitely can raise the minimum wage too quickly, but we could raise it by 10% a year for a long ass time before we hit that point because we are so insanely low on the scale right now.

People are getting $70 to mow a lawn. That's approx. $47/hour.
What's college for again?

Easy answer:

If you work full time, you should be able to live. That includes paying your rent, buying food to survive, and have little left for saving/shopping other stuff. So it makes sense that minimum wage needs to be adjusted to give people like yourself a chance.

The smaller business issue you mentioned is a complete different topic. They should be taxed less while big companies should be taxed more (close the tax loopholes).