Is raising minimum wage nationwide a horrible idea?

[amak11]

Mr Khan said:

prayformojo said:

Mr Khan said:

prayformojo said:
It only works if there are laws in place to stop inflation. Being that this is the US, all we're going to see is $7.00 gallons of milk at the store. Living wages go up, costs go up. Companies don't want to lose their profits.

Again, is there any proof that this will occur in quantities sufficient to offset the gains?

When has this NOT occured in this country? When I was a kid, min wage was $4.XX and the price of a pack of cigarettes was $1.45. Inflation is real lol

Not remotely what i'm asking. I'm asking if this inflation is tied to the minimum wage hike.

Cigarettes are also a bad example, because they've increased in price faster than inflation due to sin tax hikes.

In the US it's currently not required to be tied to inflation under any federal law.

http://www.epi.org/publication/webfeatures_snapshots_20051221/

Varies state-by-state what that minimum wage is. However this is the federal minimum wage we are talking about. This doesn't change the minimum wage accross the country at least from my outsider understanding. The problem I see is in this article ( http://www.takepart.com/article/2014/07/03/fair-way-raise-minimum-wage), there is a lot of talk from "Chambers of Commerce" about opposition. My only guess it that they'll purposely raise prices in protest to the government. Then again, I'm a big advocate for business and church out of government. :)