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Originally Posted by ifly
With full employment pretty much (4.5% unemployment is REALLY low) how many people do you really think this impacts?
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Once again a misuse of the "offical" unemployment figure. The figure the Federal government releases is not how many people are actually without work, but how many people are currently collecting unemployment benefits.
Once your benefits run out and you are still not employed, the government says you are no longer considered part of the work force. And if you never collected benefits, you too are not considered part of the work force any longer even if you are actively looking for work.
That said, the net result of this will be that median wages increase accordingly as the whole pay scale will be raised. That of course will be a delayed effect, but if you look at past minimum wage hikes, the median wage also went up a similar percentage within a year or two following passage.