By Max Hyland
Wednesday, April 22, 2015
Reprinted from a Facebook Post
One of the critiques we have heard is that immediately increasing the minimum wage by 58% will have a disastrous effect on the economy. Usually to go along with this complaint is a claim that the minimum wage has never gone up that fast before, which is false.
In 1949 the minimum wage went up by 87.5% all at once, overnight. Just a few years later it went up another 33%, overnight.
The 50s were a period of strong economic growth, explosive economic growth, and unprecedented increases in the distribution of wealth and the prosperity of the American public including businesses.