You aren't including the other costs or the increase in taxes paid. Overall, the increase in amount spent won't keep up with the increase in amount coming in and people will be right back to where they are now.
Can you provide examples with numbers that show this? It looks like even the CBO opted not to cover the tax angle in their study.
CBO has not analyzed the effects of minimum-wage increases on a measure of income that accounts for taxes, tax credits, or noncash transfers.
Except, the pool of folks in trouble will be larger, and the jobs will be fewer (even the CBO agrees with that).
So far this hasn't seemed to occur in Washington, per my Bloomberg link earlier. Even if it does though, this is why my long term view includes the minimum/basic income routes, since already many of the poor are unable to hold a job where a minimum wage increase would benefit them.
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