A federal $15 minimum wage could soon become reality, thanks to Rep. Pramilya Jayapal's seemingly successful efforts to secure its inclusion in the House's forthcoming $1.9 trillion COVID-19 relief package. Democrats are celebrating this potential win, believing that it could lift millions of working class Americans out of poverty. [...]
As part of their rationale for raising the minimum wage to $15, Democrats are citing a new Congressional Budget Office analysis finding that it would lift 900,000 workers above the poverty line. Yet that same analysis also finds that the "Fight for $15" would leave 1.4 million fewer workers employed, and that prices would rise to offset much of the costs. And there's every reason to believe these downsides would paradoxically hit disadvantaged and marginalized workers hardest.
Yup. It's not hedge fund managers, doctors, engineers, teachers or politicians who will lose their jobs when the minimum wage is hiked. Those who do get hit will learn the harsh truth about the real minimum wage: $0/hr.