Candidate Sanders wants to increase the minimum wage to $15 per hour. That is a generous idea but I believe it is pissing in the wind and I will tell you why:
You increase the minimum wage to $15 per hour and the first things that will happen are: (1) People who sell things will increase their prices in order to eat the benefits of the increase in inflation. (2) People who start earning the increased minimum wage will start living at or above their means … just like most Americans.
The result will be that the $15 per hour increase will soon be made totally impotent as a device to raise people out of poverty and there will be demand for a never-ending bunch of increases for the foreseeable future and beyond. It will become a vicious self-consuming circle of raises and raises being absorbed by greed and stupidity.
This is one socialist idea that I do not believe will ever benefit the people that it was intended to benefit and will lead to rampant damaging inflation that will leave the low-paid workers worse off than they already are.
Sorry, Bernie … it won’t work!