Second Order Effects Second Order Effects of $15 an hour minimum wage
There have been many calls recently, mostly by labor unions, to set the Federal Minimum Wage at $15 an hour. This is double the current Federal Minimum Wage of $7.25. The principal augment is that you can’t support a family on the current Federal Minimum Wage and therefore can’t get off public assistance. This article discusses the potential ramifications of doubling the minimum wage and the impact. We discuss what would be reasonable, given the amount of time that has passed since the last raise. Also, ways that one could get employers to increase wages without a change in the minimum wage.