Quick rundown on the minimum wage issue (disclaimer: I'm not much of an economist. I'm doing a bunch of parroting here).
-The current national minimum wage is 7.25 an hour
-Most states have made their wages higher, saying that 7.25 is too low
-Some cities (California) have gone even further
-There are concerns that minimum wage increases hurt employment. If it costs more to hire a burger flipper, you will hire less burger flippers
-Alan Krueger, a very very good economist, co-authored a study which concluded that moderate increases to the minimum wage does not hurt employment
-"moderate increases" is not a super well defined term
-The official Democratic Party Platform (and more famously, Bernie) calls for a $15 national minimum wage
-If you don't know what an official party platform is, basically it's just the list of the "official" stances that the party has on issues. This represents the political structure, not necessarily individuals
-It would be really nice to have a $15 national minimum wage because then people who work for minimum wage could make more money
-$15 may not fit in that "moderate increases" thing we talked about earlier. Ergo, it's considered "risky" by many economists (including Alan Krueger)
-Keep in mind, that doesn't mean we know for sure it'll be bad, it's uncharted waters. We don't know the exact point where an increase goes from good to bad.
-The highest minimum wage that we know for sure is okay is $12 an hour. This is a gradual increase plan that would not hit $12 until like 2020 or so.
-Gradual increases are required because otherwise you're being dumb with the economy. Please do not be dumb with the economy, it is fragile and breaks easily, and it costs waaaaaay too much to get fixed
-We used to talk about a 10.10 minimum wage. It was something we could've had by now if we actually did it in 2014, because it would be phased in much quicker (for obvious reasons). But it didn't happen. So now, naturally, we talk about higher numbers.
-There's also indexing the minimum wage to inflation or the consumer price index.
-The idea is basically regressing us to the bartering system. One hour of work is worth four gallons of milk. If the price of milk goes up, you get paid more.
-Dairy farmers will then become the most powerful sector of the economy
-The whole national thing is really what makes things complicated.
-The cost of living (a measure of how poor or rich a place is) varies a
lot across the country
-This is important because it influences, among other things, how well a place can afford a minimum wage increase, and how useful that increase is
-Basically,
do you live in a Whole Foods town, or a Walmart town?
-This is where the whole "states pick up the slack" thing really helps. They test shit out for us.
-If you like a $15 minimum wage, because who doesn't want more money, but want to prove that it's safe for the economy, watch California
-California is a great lab rat. It's really diverse, like a mini-country in its own right, it's rich enough to afford most things, and it's as willing to experiment as the porn industry which generates half its GDP
-And even if it's risky for a nationwide minimum wage right now, there are definitely places that can afford a gradual increase to $15. Some may try after California tests the waters. Seattle's already on the way.
-And while we're waiting to hit the 12 or 15 dollar point, there's other things we can do to help low-wage workers out, like the earned-income tax credit which UGH TAX POLICY
-Overall, raising the minimum wage is supported by the people in both parties
-Overall, raising the minimum wage is supported by the politicians of only one party
-This is why there are more election junkies than political junkies. Election junkies have fun watching the game, while political junkies tear their hair out
-Unless Donald Trump becomes president. Then everything will be hilarious
I think this is how I should do things like this from now on. Also Easy's not wrong that a higher minimum wage could help the deficit. Boosting the economy means people have more money which means people spend more money which means the government makes more money from taxes.