Unpopular opinion time.

This is a good policy.

The logic is pretty simple. All wage workers are also consumers. https://twitter.com/FT/status/1354661769294319616

People erroneously jump to the basic conclusion that wage floors *always* result in inflation and unemployment, but they don't understand the multiplicative monetary dynamics.

There is some good research on this from @necsi https://necsi.edu/preliminary-steps-toward-a-universal-economic-dynamics-for-monetary-and-fiscal-policy

Small businesses that can't afford it are overleveraged and shouldn't exist

Small businesses that have the reserves to adjust to the shock (vast majority of them) will be inundated with sales and won't invest in and/or be displaced by big business automation

Americans can be way too hyperbolic about the poor.

At a time when so many people are suffering, the closure of a few overleveraged small business run by dumbasses shouldn't be overly concerning.

By the way, psueudointellect @primalpoly blocked me for pointing this out.

Overall, these policy tradeoffs wouldn't even be an issue in a decentralized world.

Without the Fed, and the bailouts and the hedge funds, we'd actually have efficient monetary allocation and this whole debate would be unnecessary.

But in the monetary regime that we currently live in, increasing the minimum wage will have more positive effects than negative.

It is what it is.