Why is the minimum wage bad?

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Submitted ⁨2⁩ ⁨months⁩ ago by redditmirrorbot@hoot.goldandblack.xyz to GoldAndBlackReddit@hoot.goldandblack.xyz


link to original reddit post by /u/Stormborn28

Hey everyone, I’m still trying to learn, so I hope this doesn’t come off as ignorant.

I was having a conversation with my friend recently about the minimum wage. She (left-leaning) was saying that they need to gradually raise it by 50 cents a year maybe until we get to a live-able minimum wage. I’m definitely opposed to raising it at all, especially to $15 overnight. (Living in a state where the minimum wage is currently $7.25, that would be crushing.)

But then I got to thinking how we ended up with a government-mandated minimum wage in the first place. If we didn’t have one, what would stop every business from paying as little as possible and exploiting people? Can you please help me understand?

But then if we did want to abolish it at this point, could that be accomplished? Or is it too late?