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this post was submitted on 17 Sep 2023
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It's funny how pretty much every single economist in history (well not haha funny more like they are bank shills and less accurate than horoscopes) has argued that no one benefits from minimum wages and yet real world data shows the opposite. As you pointed out all salaries go up except the very highest.
The bottom employeers pay out more. The bottom employees have more money to spend. The people slightly above the bottom have to be paid more. In turn they have more to spend. The tiny increases in labor costs only impact the people who have the most labor working for them, i.e. the super rich.
If you owned a MacDonalds and had to pay out a 50 cents an hour more for 4 people on a shift that means you lose 2 dollars an hour more per shift hour. That's freaken nothing. To your employee that is 4 dollars a day, which works out to a grand a year assuming 250 days of employment. So here we can see even a tiny increase in the minimum wage leads to real money entering into the system for the one group that consistently demonstrates that they spend money as fast as they get it. If you want to increase economic activity pay a poor person more.