I will argue that while what you say is true, it misses the point.
A rising tide raises all boats.
That is a raise to $15 minimum will induce wage inflation that will induce price inflation all across the board. The inflationary increase may not effect those in the highest wages, I don’t know.
General inflation will follow the minimum wage increase
just imagine..... a covid closed business will have to raise prices even though it has no sales
Oh I agree to all of this. Add to the comical situation where you open the gate to 15-odd million illegals getting sudden visas, and now expecting real pay (not the $5 to $6 an hour they had been getting paid), and discovering that the ‘old’ bosses won’t hire them, and the majority have no real chance to now find work in a ‘downward’ spiral economy.
All of this increase business should have been a state by state affair, and not pushed as some national agenda.
The next four years will be rough, and a lot of people are not prepared for the mess approaching.
We could instead lower min wage to .25/hr then everything would be dirt cheap, almost free!!!! /sarcasm