Senate minority leader Mitch McConnell says a minimum wage hike is “worth discussing”.
Economists on both sides of the aisle agree that forcing businesses to raise their minimum wage is bad economics. Politics is the only realm in which the government mandating a minimum wage increase is even discussed.
“It’s really, really bad economics,” says Dr. Charmaine Yoest.
The artificial wage increase falls on businesses that have to raise costs or layoff employees to offset the wage inflation. This is always a bad idea but in a time when businesses are already struggling to survive, it’s abysmal.
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