I’ve talked about the minimum wage a lot here at Difficult Run. The following comes from the Congressional Budget Office’s July report. It pretty much captures one of the major trade-offs of minimum wage hikes.
The people who get the wage increases will obviously be better off. Not so for the 1.3 million (at $15 an hour) who lose their jobs.
So the question boils down to this: are we willing to make that trade?