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Antiboyscout wrote:if A. S. is brought into the fold and has a minimum wage implemented, even the milquetoast federal minimum, the little business that is on the island will shrivel up and die.
They started phasing the $7.25 minimum wage in 10 years ago.
I'm kind out of the loop on this one. I haven't done any research in years, or even kept up with news.
Then maybe you should do some research before making broad predictions about the economic impact of a higher minimum wage.
Forbes artical: "The American Experience Of A Too High Minimum Wage: Employment Down By 35%, GDP Down By 23%"
The most consistent figure for minimum wage increase is "no more than 60% the median wage". That's where the 15 movement comes from (median wage in the US being ~25/hr). So, yes, obviously, the tuna industry is going to crumble when you insist they pay their employees double what they were paying them previously.
Though this article of Forbes is pinning the blame for Puerto Rico's economic troubles on the minimum wage. But I was told by the president it's because they're a tax haven and poor infrastructure investment. We'll obviously have to figure out which of these is true, because otherwise the answer would have to be that economics are complicated and trends can't be pinned down to a single person, factor, or climate that will automatically produce perfect success for every human being on the planet.
I know they weren't stellar to start with, but I'm guessing that Roland-Emmerich-movie-sized hurricane and the continuing lack of clean water or power in major areas, including the stuff needed to keep their medical supply factors functioning, aren't exactly doing Puerto Rico any favors.
"Believe me, there’s nothing so terrible that someone won’t support it."
— Un Lun Dun, China Mieville