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by bpodgursky
411 days ago
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No, because if you pin the minimum wage to wages at full employment, there's no downward flexibility when a recession hits, and you end up with tons of deadweight loss in the labor market. There's never political will to lower the wage even if economic conditions call for it. There's no benefit to raising the wage now, but there's inevitably a big cost in a few years. |
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