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Worse than the direct cost is opportunity cost. Wealthy have money to invest and over time it snowballs. An eventful day in the market can swing their net worth more than the average person will earn in a year or maybe even a lifetime.
Think about what that means for an economy too. It means tons of folks are trapped in poverty cycles instead of innovating, starting businesses, or going to school and getting training etc. Because these things are all risky and require investment, which they can’t do.
Terry Pratchett said it pretty well https://www.goodreads.com/quotes/72745-the-reason-that-the-rich-were-so-rich-vimes-reasoned
Hence why the minimum wage has been stuck at $7 in the US for fifteen years, no matter who we elect.
People like getting wealthier, and that includes our multi-millionaire Congress and president.
Federal minimum wage and state minimum wage are mostly vastly different. Feel free to fact check.
I do not disagree with your underlying point, but at least be accurate.
State minimum wage is also lower than the Federal in a few states and most states for tipped workers.
So you lose me with this weak defense. Biden deserves every bit of criticism his administration receives for their inaction on wages.
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