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 have proposed gradually increasing the federal minimum wage to $15 per hour by 2025, with the stated intention to raise the pay of low wage workers. Sounds like great news for the low‐​paid, doesn’t it?
An old saying from economist Thomas Sowell is that “there are no solutions, only trade‐​offs.” That is as true about the minimum wage as anything else. The Congressional Budget Office summarizes the mainstream economic consensus on the effects of the Democrats’ proposed aggressive major minimum wage hike fairly well and I don’t think the trade‐​off is worth it.
Yes, for those workers affected who are lucky enough to maintain their jobs, hours, and existing perks, an enforced minimum wage hike through raising hourly wage rates will increase their overall compensation. The CBO estimates that 0.9 million people will be taken out of poverty as a result. But a consequence of raising the mandatory wage floor that aggressively, the CBO predicts, ....

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