Creating a Federal Minimum Wage is a Bad Idea for a number of reasons.

There is nothing “necessarily” wrong with a community setting a minimum wage.  But that minimum wage must be voluntary and limited to that single community.

The Congressional Budget Office released a study on the effects of raising the federal minimum wage to $15 an hour by 2025.

The study found that raising the Minimum Wage would increase wages for at least 17 million people, but also put 1.4 million Americans out of work.

If one applies Fractal Economics to this, as we do in the Lesson on Fractal Economics, we can conclude that it is counterproductive to mandate a set wage across multiple communities.

If a single community wishes to establish a minimum wage for whatever reason they wish, they are more than welcome to do that.  However, we cannot see a reason to do mandate a min wage nationally.

See these links for more information.

• https://www.americanactionforum.org/insight/assessing-cbos-report-on-the-raise-the-wage-act/
• https://www.epi.org/publication/a-15-minimum-wage-would-have-significant-and-direct-effects-on-the-federal-budget/
• https://www.npr.org/2021/02/08/965483266/-15-minimum-wage-would-reduce-poverty-but-cost-jobs-cbo-says