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So, what would happen if the federal governmentabolished the national minimum wage?
The other 99% earn more, due to market forces and state minimum wages.
In fact, most states and territories have legislated their own higher minimum wages.
It raises intriguing questions about political lip service versus real impact.
However, replacing humans with machines takes time and money, too.
Of course, not all workers would choose lower or stagnant wages over fewer low-skill jobs.
Slash workers wages, and you undercut the engine of economic growth.
Milos Eric, cofounder of hospitality job platformOysterLink, sees the hospitality industry suffering in particular.
Lower-paid, demoralized staff would struggle to provide the high-quality service that drives customer satisfaction, he said.
Lower wages would also decrease consumer spending, directly impacting revenue for restaurants and other service businesses.
That could in turn lead to consolidation and some businesses closing their doors.
Attorney Paul Koenigsberg ofKoenigsberg & Associatespointed to the dangers of simply striking those federal labor laws from the books.
It varies by required experience and geographic location.
However, it also incentivizes immigrant workers to go through legal channels forimmigration and employment.
Ultimately, the federal minimum wage has lost relevance as fewer workers get any benefit from it.
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