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Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess
Wage floors are not price controls
We have different terms for them because they're two different things.
There really isn't any need for it to exist at all. It is a price control. Government institute price controls for any number of reasons. Price controls negate the very concept of indexing it to inflation. You either want wages to be dictated by market demands or you don't. More often than not, the minimum wage defeats that very purpose less employers are willing to demand labour at higher prices.
Wage floors are not price controls
We have different terms for them because they're two different things.