Their wages would increase as well. The wealth has been siphoned off to the top.
Increasing the mininum wage is a lever the government has, and affects others as well.
You're right, that increasing the minimum wage isn't all that's needed. In recent decades, for example, taxes have been shifted off corporations and the wealth onto others.
The capital gains tax being lower than wage tax is just one issue of inequity to fix this.
Increasing the minimum wage, is like putting a bandage on a cut artery. It will just slow the flow of the problem, but will not fix it. And since one may feel safer now seeing a bandage on it, may forget to go and actually fix it.
The minimum wage is too low, I agree, but asking anything above 10 right now is ludicrous until we know how the market will react (because it will). Especially since this isn't the fix, just a symptom reduction.
The system itself is the issue, and I am not talking the rich being rich and syphoning money. It is people have to fix their mindsets and not expect great things without investments (both financially and life investments), and people have to understand if they want an overhaul of the system, we have to first make our own lives worse, and bare the burden for it to get better. (take 1 step back to take 2 steps forward)
Plus capitalism is not just the competition of good, but the competition of a work force. As long as people will willingly work for X minimum wage, you can't even start to fix the system. And since companies have to stay around each other in wages, or lose a lot of their possible labor force to another company, so it balances itself.
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I personally never worked for minimum wage. Right out of college I worked at McD for 6 months until I found a job with my degree and I was making $9/hr.
2 reasons.
1) I was over 21, and had leadership experience as a manager at a summer job during high school and thus was put in immediately as a shift leader because they were lacking those.
2) And because of 1, I had an offer at a pet store for $8.75 and because they really wanted me to be a shift leader, they offered more when I brought that up.
Reason I bring this up is My degree ment nothing, yet I started higher than minimum wage at a fast food restaurant, because of previous work and intelligence of accessing the situation and letting them know I had a so and so offer else where when they wanted me. Sure $9/hr is still no "amazing amount" but I had student loans knocking to start paying back. Also they wanted me to go to management training (I turned it down since I was just there till I found a new job).
Willing to work hard, being a people person and intelligence can get people higher than minimum wage. I am the first to go to college or any trade school. My whole family extended and close all worked hard to get to the positions they are at that make more than $20/hr. No college. Just hard work. Most people these days I do not see that drive, that desire to push for a better life. They just want it handed to them.
TLR
1) Min wage needs a slight bump but is not the main issue
2) People's mindsets are becoming a much larger issue. Need to learn to work for what you want.
3) The system is fucked up, and outside another market crash, it wont change.