The minimum wage is a leap frog game. When the minimum wage goes up prices go up. When prices go up the minimum wages goes up. When the minimum wages goes up prices go up. So it goes and goes and goes.
Has boosting the U.S. minimum wage from $4.25 per hour in 1994 to today's $7.25 per hour helped or hurt the U.S. economy?
To answer this question, we'll be tapping the U.S. Census Bureau's data on the incomes earned by 15 to 24 year old Americans in 1994 and 2011 (which until this September represents the most recent year for which this data is available). Specifically, we'll be considering the size of the Age 15-24 population, the number of 15-24 year olds with incomes and, of course, the federal minimum wage that applied in each...
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Minimum wages go up, businesses charge more to make up the loss of profit. If wages stay the same, and prices go up, profits are higher, giving more money for wages. The only way this doesn't work is when costs go up. Then prices go up with no increase in profits.