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thenewgreen · 3910 days ago · link · · parent · post: Hubski: what would happen to American labor and industry if the minimum wage was completely abolished tomorrow?
I think most of us would notice next to nothing. Of the hourly workers in the US, minimum wage earners account for less than 5%. My guess is that for those 5% very little would change. The question, I think, is how much do those above minimum wage owe their wages to the existing floor beneath them? Without that floor does pay go down for all hourly wage earners as a result of it's demise?
briandmyers · 3910 days ago · link ·
They are already making as little as the law allows. Surely if the law were removed, at least some of those 5% will begin making even less.
I suspect it would do nothing much for most workers, as you say - but it would be a kick in the nuts for those 5%, not "very little change".My guess is that for those 5% very little would change.
