November 19, 2015
As evident by the strong support for raising the minimum wage by all three remaining Democrat candidates for president [Hillary Clinton, Martin O'Malley, and Bernie Sanders], liberals are almost unanimous in believing that raising the minimum wage would be good for poor people. That idea may make them feel good about themselves, but it is complete misconception about what would actually happen if you raise the minimum wage.
Four different realities intrude on the fantasy that Democrats have of taking money from supposedly rich business owners and redistributing it to economically-struggling workers: who actually benefits, where the money comes from, the job losses that would result, and the government stepping in to offset any economic gains of the working poor.
Who actually benefits?
First, many of the people who benefit from an increase in the minimum wage are not what you would think of as the working poor. In fact, 63% of workers earning below $9.50 per hour are the second or third worker in their families and 43% of these workers live in households that make over $50,000 per year. The Congressional Budget Office further estimates that families with incomes between one and three times the poverty level (roughly $25,000 to $75,000) will get over twice the benefits that families under the poverty level with capture.
Read the full article at Forbes.com: Democrat Misperceptions About The Minimum Wage: They Think It Helps The Working Poor