Of all the bone-headed ideas this is the worst.
Bring back US jobs now, but whatever you do, do not make them more expensive.
That is idiocy.
I will not argue the increase in the minimum wage is a good idea.
I can argue however that the view from the desk in the oval office there must be a substantial increase in the minimum wage and all union contract wages. There must be an across the board rise in all wages ans salaries.
In spite of the current denials, the only way to pay off the debt is to inflate it away. In a period of high unemployment and a buyers market for labor, increasing the wages is not possible. If a raise is demanded, there is someone willing and able to work for less.
However as prices rise, the strain becomes unbearable. The demands for increase must be met to compensate for ever increasing prices. Food and fuel don’t count in the CPI, but when going to buy groceries, both are intensely felt to be increasingly painful.
The way to increase all wages is to force another minimum wage increase. That will be coupled with the already loud union demands to force a general though lagging and perhaps ragged across the board increase.
A marginal increase in wages produces a marginal increase in taxes. Although those at the bottom will continue no taxes, those above will experience an increase on the marginal increase in pay.
The message has been telegraphed since December when the talk of new union contracts and increase minimum wage began.
The real inflation can not takeoff until the lagging wage inflation becomes painful enough to force the minimum wage increase. Once started and tied to the inflation, it will zoom.