As I have said often, minimum wages can only be set at, below, or above prevailing market wages for that job, for that person’s level of capability. If set at or below the wage that business was already willing to pay, it does nothing. It is literally the case that ONLY when it is disadvantageous to, particularly, small businesses, does the minimum wage matter.
But here is the thing: I am making an economic, which is to say a practical, argument; socialists are making a MORAL argument. They are saying that even if wages are retarded in the long run and unemployment increased substantially, that it is still wrong to pay someone less than X, however they determine X.
John Ruskin made this argument over 100 years ago, in Unto This Last. He said that it didn’t matter if it increased unemployment or hurt business, but that certain minimums had to be paid, because even if he couldn’t be bothered to answer for the consequences of his actions, he could be made to answer for his intent. He was very nearly that blunt.
As I keep saying, this is shitty, imbecilic, childish, irreponsible logic. IF YOU CARE ABOUT PEOPLE, you care about making things as good as possible for as many as possible.
I don’t care if the average starting wage is $100/hour one day, with today’s buying power. That would be great. I have no objections with regard to, and every possible positive sentiment concerning, increases in material wealth and earning power, generalized across all classes. We need to go beyond that, but I think we need to go through it, first, as a whole, as a people, as communities.