SNIP
There are 3.3 million people making minimum wage, and they are the
ones that will get the raise. What do you think the "minimum wage
dictated by supply and demand" is?

The actual wage that a unskilled worker is willing accept for work.


The actual wage that an unskilled worker is willing to accept for work
cannot be computed, because the data is skewed. They have to accept
whatever they can get, or starve. Ask any unskilled worker, which he
would rather do, work for less or starve.

SNIP



Here, I'll help you out. Wages are scaled to show the relationship:

https://research.stlouisfed.org/fred...raph_id=249218

Dang, Ed. Just when I was getting ready to go to sleep, I read this. Now
I gotta go graph some stuff.






You have a period of inflation, and then a minimum-wage hike to try to
keep up. Inflation is pretty steady; it does not react to wage hikes.
Consistently.


Very informative. I would have never guessed. Maybe because minimum wage
increases don't hardly affect the total amount of wages paid to all
workers to produce the GDP.


SNIP