This is by far one of the dumbest, most irresponsible things I've ever heard a politician say. If you want to crash an economy, cost millions of people their jobs, then by all means make stupid promises like Nancy Pelosi did today. You can't just raise the minimum wage to $15/ hour. An hourly wage isn't something just made up, companies have accountants and actuaries crunching numbers to figure out what they can pay an hour based on sales, costs to operate etc. Pelosi suggesting they will just up min wage, to get votes and power back in Congress, just goes to show she knows nothing about running a business. Some businesses are just getting by as it is in this non-recovery recovery. Countless businesses in Seattle, Los Angeles and other democrat strongholds who have increased minimum wage have gone out of business.
If the govt steps in to mandate all businesses pay a $15/hour people will lose their jobs. I'm telling all of you it will be a tsunami of job losses and businesses will go under.
I suggest everyone read the piece I did in 2015 on this because it still holds true to this day. More importantly, technology and AI is accelerating at a faster pace than expected. Machines are rapidly replacing human workers, and no humans will not be retooled to build the machines because machines are building the machines right now!
Low-Wage Workers Demanding Higher Pay, It's Time For Some Tough Love