zlacker

That’s theoretically true, but we’ve (seemingly) never come close to that in the US. Moreover, as the article reminds us, the minimum wage has been drastically higher (in real terms) than it is now.

Regardless of the correct level before causing a crowding out of employment, what do you believe the purpose of having a minimum wage is (if not to prevent poverty)? Why not just let the market decide?

Edit: I mean this seriously, and don’t intend it as an attack. I’m (personally) unclear on the perceived purpose of the minimum wage.

Edit 2: like many folks, my “we’ve never come close to it” is influenced by http://www.nber.org/papers/w4509 and similar studies, and I’m aware of the opinions that the study was flawed or doesn’t generalize (e.g., https://www.google.com/amp/s/www.forbes.com/sites/timworstal...).