An increase in the minimum wage of $15 simply increases the level of prices, or in other terms, causes inflation. It does not increase the welfare and it surely doesn\u2019t make you richer. Let me explain it in a simple scenario:Photo by Sharon McCutcheon on UnsplashImagine you are a small business owner who has hired 4 employees and pays them $7.5\/hour each (depending on what state you are in, minimum wage varies). You have 2 suppliers that bring the materials to your business, and their prices have remained the same for a long period of time. You also provide products for another company, who you have been in contract for years as well.Suddenly, the government decides to increase the minimum wage to $15\/hour. You, as a business owner now, cannot afford having 5 employees anymore. To decrease your losses, you will have to laid out a couple of employees to provide them the $15\/hour wage and still remain in business. You laid out two people who now do not even have an income anymore.Turns out that your supplier is having the same problem. They either have to laid out people or increase the prices. They decide to do both. They laid out less of a percentage of employees than you did but increase the prices of their products, which are essential to your business. Now more people are jobless, and prices are higher. You, as a small business owner also have to deal with more expensive supplies.What do you do? You can either laid out more people or increase your prices too. But you know your employees are essential and that you cannot do the business completely by yourself. So you decide to increase your prices too so that you can still make a profit, remain in business, and keep\u2026<\/p>","protected":false},"excerpt":{"rendered":"
An increase in the minimum wage of $15 simply increases the level of prices, or in other terms, causes inflation. It does not increase the welfare [\u2026]<\/span><\/p>","protected":false},"author":0,"featured_media":2796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/afluxcoin.com\/ru\/wp-json\/wp\/v2\/posts\/4002"}],"collection":[{"href":"https:\/\/afluxcoin.com\/ru\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/afluxcoin.com\/ru\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/ru\/wp-json\/wp\/v2\/comments?post=4002"}],"version-history":[{"count":0,"href":"https:\/\/afluxcoin.com\/ru\/wp-json\/wp\/v2\/posts\/4002\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/ru\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/afluxcoin.com\/ru\/wp-json\/wp\/v2\/media?parent=4002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/afluxcoin.com\/ru\/wp-json\/wp\/v2\/categories?post=4002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/afluxcoin.com\/ru\/wp-json\/wp\/v2\/tags?post=4002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}