It was called Reaganomics or voodoo economics, but it has a certain validity. The tide also lifts proportionally. This is overwhelmingly true when it comes to the minimum wage.
The argument that the minimum wage should be raised to a particular level presumes that economics is a static exercise. Raising the minimum wage will not improve the buying power of minimum-wage workers; instead, it will lessen their buying power and inflate the cost of all other goods and services.
The last guy to understand this was President Nixon when he froze wages and prices in 1971. His action gave people 90 days to try and get ahead of the power curve. His action also alienated his party.
A minimum-wage bump without price containment will see a geometric widening of the earnings-cost gap. Specifically, the rich will get richer and the poor will get poorer. The poor will also pay more in Social Security taxes, which is the current tax that eats up the poor paycheck fastest (poor people do not pay income tax).
Labor really is a commodity, and minimum wage is an entry-level rate.
Paul Varsel, Fayetteville