A living wage is ll.83 bucks and hour. Minimum wage is 7.20 bucks an hour. If the minimum wage was 15 bucks an hour, how many people would be able to give up one of their multiple jobs? A certain percentage. How great would it be for those that could work only 40 hours? Life changer. How would it be for those companies?
Bad. It would cut into their profits and they would have not enough people. That would increase the demand for those jobs and they would eventually have to raise their wages and that would cut into their profits. Meanwhile, people at the low end of the wage scale would have discretionary money and time to spend it.
Kinda blows my mind. Low wages means that Taco Bell and Walmart (or Target and McDonalds) both get work out of one person. This person may work 70 hours a week or more. While the percentage is about 5%, that means 10% of businesses benefit from people holding two jobs. Add to this that couples with kids used to have one person stay home. Not many can do that today.
Many places are short on workers. They have two choices. Pay more to intice. Or lobby government to keep wages so low people have to work more than one job.