Minimum wage debate hits Minneapolis

by Daily Editorial Board

The minimum wage debate hit Minneapolis on Wednesday when a group of more than 600 people rallied to advocate for a $15 minimum wage. Support for drastically changing wage requirements has picked up steam. 
 
Supporters of the movement have voiced concerns with an increased cost of living and ever-growing CEO pay. 
 
Not all believe the hype, though, as some question why $15 should be the new minimum wage. The most common criticism is that having a high minimum wage “kills jobs” and that while some may earn higher wages, businesses will be forced to cut jobs to make up for losses incurred by increased overhead costs. 
 
Unfortunately, the best case studies in the United States have yet to yield clear data on how a $15 minimum wage affects the market. In Seattle, for example, the early results are unclear from the phasing in of new wage laws on April 1, moving from $9.47 an hour to $11. One Seattle businessman — Dan Price, CEO of Gravity 
Payments — took matters into his own hands by promising a $70,000 minimum annual salary to his employees while he took a massive pay cut. Let’s hope both the city and Gravity find success in these progressive reforms.
 
There is too much rhetoric currently surrounding this debate in Minnesota. We urge Minnesota lawmakers and academics to follow the economic effects of these wage increases carefully in order to determine the actual outcome of these policy changes before instating them in Minnesota.