ToddsterPatriot, regardless of your opinion, I suppose for the benefit of their economy and society, every industrial nation has some laws or regulations that perform functions similar to USA's federal minimum wage rate.You're wrong. ... Because it's, [i.e. the federal minimum wage rate's] not a noticeable driver of US incomes. ... [it's a] Terrible idea.
Its purchasing power to some extent does bolster all wage scales. It greatest benefit is to lower-wage rate earners because its benefits are inversely and proportionally related to the differences between the minimum and the jobs' wage rates.
Respectfully, Supposn
every industrial nation has some laws or regulations
Yes, lots of nations have lots of stupid laws and stupid regulations.
Its purchasing power to some extent does bolster all wage scales.
The wage earned by the bottom 2% of workers can't be said to bolster all wage scales.
I think 'bolster' means 'inflate'.
I don't see how $7.25/hour inflates everyone else's wages.
Well, as you already pointed out, minimum wage is currently so low it's a non-factor. Less than 5% of workers make minimum wage. But raising it significantly would cause inflation. Something like 45% of workers make less than $15/hr. So, raising the minimum wage to $15/hr would definitely have an impact. It would have a domino effect and would 'bolster' other wages. It would also 'bolster' prices, so it's merely tail chasing. But liberals don't care about that. Tomorrow never comes.