At some point, of course, raising the minimum will reach an equilibrium and further increases could reduce the total job count. But at this point it’s possible that a national $15 minimum hourly wage could be adopted and there would be little or no negative impact on total employment.
Those who claim that minimum wages are job destroyers have been successful in thwarting an increase in the federal minimum wage for a decade. Yet, the accumulation of data and a shift in the nation’s political currents make it likely that an increase is becoming more acceptable. With the 2020 presidential election already heating up, demands for raising the minimum wage could very well become a defining issue.
This column was provided by Bloomberg News.