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Seattle Approves $15 Per Hour Minimum Wage
An anonymous reader writes "The Seattle City Council announced on Monday that it has unanimously approved a $15 per hour minimum wage mandate. The new rate will go into effect starting April 1, 2015 in a tiered, gradual manner that depends on employer size. In the first year of implementation, hourly minimum wage will be raised to either $10 or $11 according to the employer size category. By 2021, hourly minimum wage across the board should be at or above $15. Seattle is the first city to implement a living wage for its lowest earners."
As a difficult-to-implement experiment, I'd love to see what actually happens
The way to implement the experiment is to abolish the minimum wage entirely, and then leave it abolished since it will achieve the natural price for labor value.
...or we could just keep throwing darts blindly and hope we dont hurt anyone else.
No serious economist supports the minimum wage. Its an ignorant idea that relies on the irrational notion that not only must all work continue to be done, that it also must continue to be done by human beings.
Still further there is the even more ignorant people that believe that not only should there be a minimum, but that it should be a "living wage" -- because all work that must be done must also be worth enough to afford a nice cozy life. Lets not consider it a problem that we already have 20something people in this country that have never had a job their entire life. Lets make sure its even worse.
"His name was James Damore."