If you believe that raising the minimum wage would really benefit the economy, why not go all the way and raise the minimum wage to a a truly great salary? How about $20 and hour? Prosperity for all, right?
The truth is that raising the minimum wage at all, even just to $9 an hour will do nothing but damage our already fragile economy. It would kill jobs for millions of young college graduate who already have trouble finding a job that offers more than 29 hours a week. Cash-strapped employers will be forced to cut even more jobs and hire even fewer new workers.
Raising the minimum wage would make everything more expensive because the cost to produce and sell anything would necessarily go up. All that extra cost would be passed on to the consumer, and your dollar would stretch even shorter than it already does. It doesn’t take an economic scholar to figure this out, just a little bit of common sense.
Obama’s minimum wage hike proposal is just one of many terrible ideas that filled Obama’s State of the Union address last night.