My county just went from 12 to 12.5, which I know is not the lowest in the US (where I'm at). We actually have three different minimum wages in my state! (I earn minimum wage plus tips in food service.)
I've heard people say increasing the minimum wage causes inflation, and that it kills jobs. Is this accurate, or is it just a way for bosses to justify paying me and similar people less? It seems to me:
Increase the minimum wage, you give the lowest earners more buying power, and therefore stimulate the economy. Increase the minimum wage, and you increase the overall happiness of your workforce. Increase the minimum wage, and you get more people willing to work, as well as encouraging more long term employment from workers.
On the other hand:
Bosses have to pay more. Some employers will seek part time employees to not pay benefits.
I don't see anything suggesting that increasing the minimum wage will lead to inflation. It's just that the people earning 5% might end up earning more like 4.5%. (we all know rich people never want to give up even a penny of wealth.) But trying to pay your employees less so that you pocket more seems to be a problem by itself, correct?