Dear David Waldman, increasing the minimum wage will only create unemployment. Wouldn't it be nice if we all earned more money. The poorest are the ones with the lowest skills who can only afford to work for minimum wage and upskill themselves. By increasing the minimum wage, especially to $15 per hour, will create massive unemployment for the poor and low skilled. Higher skilled people would then take these low skilled jobs pushing even more lower skilled people on to unemployment.
Two things;
1. If the free market will pay more than minimum wage, you will be paid more. Conversely, if the market equilibrium (the fair market wage) wage for a particular job is below the minimum wage, you will only cause unemployment.
2. If we are more productive, the nominal wage rate is inconsequential. Our money will go further.
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Dear David Waldman, increasing the minimum wage will only create unemployment. Wouldn't it be nice if we all earned more money. The poorest are the ones with the lowest skills who can only afford to work for minimum wage and upskill themselves. By increasing the minimum wage, especially to $15 per hour, will create massive unemployment for the poor and low skilled. Higher skilled people would then take these low skilled jobs pushing even more lower skilled people on to unemployment. Two things; 1. If the free market will pay more than minimum wage, you will be paid more. Conversely, if the market equilibrium (the fair market wage) wage for a particular job is below the minimum wage, you will only cause unemployment. 2. If we are more productive, the nominal wage rate is inconsequential. Our money will go further.