I can make both moral and fiscal arguments, and my fiscal arguments have not relied on moral stances. I shouldn’t have to point this out given how many times I’ve referred to the data.
I can see my point got missed by introducing such an emotional example like slavery. I was merely saying businesses suffered then too, but we still did it because it was the right thing to do.
Some businesses will go under due to this change. Some states will be more heavily impacted. That’s not the metric that matters. It’s too simplistic and naive. Jobs will also be created. People will have more money in their own pockets to spend at other peoples businesses, then those people will have more money to spend and the virtuous cycle continues. More people will complete educations and get degrees. They’ll have new ideas and new networked connections. New businesses will be started as people no longer have to work 3 jobs to make ends meet. Kids health will go up as they’re better fed and have their parents nearby more often. The list continues.
If you focus only on immediate costs to some particular sub populations and ignore the returns... if you forget this is an investment and not just an expenditure, then of course you’ll be against it. This is an issue of creative destruction. I urge you to focus a bit more on the creation than on the destruction, which nearly all analyses say will be smaller anyway.
Adjusted for inflation, minimum wage today should actually be closer to $25/hr. Can we please get our heads out of our asses and stop standing as an obstacle to the still too low baby step of $15/hr?