did I forget to mention my support had nothing to do with those two points . it`s mainly about stimulating spending to support businesses.
I think I get your point , but those having no wage at all due to the minimum wage law are a drag at about the same rate as any gain from the minimum wage law might cause , plus the inflation effect.
Raising the Minimum wage about 10% once each decade seems to be a low enough damage to be tolerable , but a low enough benefit also to be hardly worth the effort.
I think that XO is saying that all these effects are true , but that the margins are on the positive.
Eh......
I can't provide the measurement for the margins , so he may be right, but if it is a benefit so small that the benefit is hard to find and evaporates over time , we return to diminishing returns, not worth the trouble.
In my opinion 100% employment would be a major benefit even if as many as 5% of us were working at something less than the present minimum wage.
When employment is very high employers are competing for workers and competing for competence. Which is the best condition for the common man.