There is no compelling substantive argument against the minimum wage: the economic literature suggests few negatives effects AND it's very very popular politically. Capital doesn't like it: that's it. That's the story, here.
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Replying to @MichaelRStrain
I’m persuaded by the (many) critiques that that was too high. I think there’s a pretty strong argument for it, *even if* the estimate is correct.
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Replying to @chrislhayes @MichaelRStrain
I do think the development of the literature over the last ten years should probably imbue the discussion of the trade-offs with some more humility.
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Replying to @MichaelRStrain
A bit of both/and, though. The literature has shown that the trade-offs are, in many cases - Not all! - less than theory and previous models would suggest. We’ve seen this in other domains (government deficits crowding private investment for instance.)
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Replying to @chrislhayes @MichaelRStrain
I mean at some level, everyone’s talking their book on this, progressives want a higher minimum wage, conservatives largely don’t. But I do think those pushing for hike have been boosted by both studies and real world experiments.
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Replying to @chrislhayes @MichaelRStrain
What makes no sense whatsoever is a nationwide minimum wage in a nation with labor markets as diverse as the United States, only 1% of fulltime adult workers making the minimum, & most of them in immobile service jobs.
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It's a minimum, not a median. A minimum.
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It's a ban on employing people for less.
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