Doom indeed!
I think we all agree that we want low-wage workers to do better. There are some right-wing zealots [[with whom I think I get lumped) who dont' care about them. But I do. I actually am a libertarian-socialist.
The question is what's the right tool.
We've lived with a minimum-wage at a low [[and falling) level, and that's not caused us too much grief. So do we increase this, or are there better ways?
Yes -- the better way is an expansion of the Earned Income Credit. This gets you money into the hands of the working poor, which not distorting the market.
As you point out, if you nearly double the minimum wage, there will be a lot of unintended consequences. You may see more rich retirees taking jobs at McD, for example, squeezing out the real working poor. Only an example. But once you move to government set wages and prices, the world gets funny fast.
The experiments in a few jurisdictions will be interesting to watch.
Helping the working poor isn't just giving them more money. It also means having access to reasonably priced housing and food. Can we also dictate the grocery stores not pass on the wage costs to urban consumers?
The minimum wage initiative may be well-intentioned. But it will cause a great deal of harm to those you are trying to help.
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