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user-inactivated  ·  3991 days ago  ·  link  ·    ·  parent  ·  post: CBO report out on the minimum wage increase

Why are you assuming 'we' is hubski? 'We' is economists. hubski's all over the map on this. Economics is very clear on the costs and benefits (in the short term, again) of fixing the price of labor.

    That chart illustrates a good point, which was also demonstrated in the paper kleinbl00 shared. When minimum wage is low compared to average incomes, an increase in minimum wage does not cause much harm.

Sure. It's a question of percentages, because the minimum wage is here to stay, which brings me to my next point --

    Either it is a net benefit or a net harm. If it is a benefit, then it makes sense to take measures to prevent dilution of the benefit by inflation. If it is harmful, it should be eliminated; we should not depend on inflation to gradually reduce the damage.

Spoken like a true economist; that is, one who doesn't care about elections.

The last bit was from something I read on r/economics quite a while ago. Can't find it. Doesn't change the facts; a minimum wage increase has significant employment effects, whatever the exact numbers are.