Liberals fight for the raising of wages. Conservatives fight to keep wages in check. The core of that fight is a socialistic view vs the invisible hand. I lean toward allowing the market dictate, but I can be rational.
If the US congress passes a bill for raising the minimum wage to $15 an hour, what will happen?
This answer will go in a couple directions.
1. The higher labor costs will be passed on to the consumer.
2. Labor will be reduced. (you may see more self order kiosks and no cashier)
From what I have read about other countries with higher minimum wages, both will happen. The fact remains that business owners and operators are savvy and will come up with a model that works. Corporate profits might reduce somewhat. Investors may pull back somewhat.
The truly poor will feel the pinch more than others.
Where do minimum wage workers exist in our economy? Mostly in the food industry. Fast food chains and grocery hire and pay the minimum. Why is that? Well, the reality is the level of skill it takes to execute the job and the abundance of cheap labor (the uneducated and young).
We all need to eat. If prices go up at Burger King, you may decide to go elsewhere. But you can’t avoid the grocery store.
It would make sense to raise the minimum wage for workers over the age of 18. Teens need to focus on school and take advantage of the opportunities they have before them (free public education, federal college loans, etc).
A conservative solution to making a living wage. Get educated or trained in a skill and get yourself out on the job market.