You know, I took a series of economics classes in college and despite some very sophisticated information to grasp, there are some relatively easy concepts to follow. Supply and Demand are still at work and have been since the beginning of commerce. S&D works for the labor market as well. Hence I could not see why anyone, who knows anything about economics would want to saddle the economy with a brake such as the minimum wage increase.
Never mind the fact that only 2% of workers in the country actually make the minimum wage. And most of those are under 24 and live at home. But according to the Democrats, its why we voted the way we did on Tuesday.
But I think I've found the real reason why the Democrats like the minimum wage. It seems that its a big slice at the big business.
...despite the fact that the minimum wage's purchasing power is now at the lowest point in more than 50 years and business profits are soaring.
Well, if business profits are soaring, then we should take more money from them to give to that 2% that is actually getting this wage.
