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How about my post citing a study from the Congressional Budget Office saying:
1) Jobs will be lost due to the minimum wage hike
2) Poor people will only get 19% of the new money anyway
3) It will cause inflation
I think those are pretty valid points from an extremely reputable source, and the fact that I'm an asshole is irrelevant to the conversation.
The size of these increases is directly relevant to the evaluation of possible channels of adjustment. For the typical minimum-wage increase, one or more of these alternative channels of adjustment – whether they are related to productivity increases, cuts in profits, reductions in earnings of higher earners, higher prices to consumers, or other mechanisms – must cope with what are relatively small total cost increases, when expressed as either a share of the total wages paid to minimum-wage workers or as a share of the total wages paid to all workers."
Skipping ahead:
"Employers may respond to a higher minimum wage by passing on the added costs to consumers in the form of higher prices. In a purely competitive economy, where all firms are experiencing the same increase in labor costs in response to a minimum-wage increase, economic theory predicts that at least a portion of the cost increase will be passed through to consumers.
Sara Lemos has conducted a comprehensive review of the 30 or so academic papers on the price effects of the minimum wage. She concludes: "Despite the different methodologies, data periods and data sources, most studies reviewed above found that a 10% US minimum wage increase raises food prices by no more than 4% and overall prices by no more than 0.4%"; and "[t]he main policy recommendation deriving from such findings is that policy makers can use the minimum wage to increase the wages of the poor, without destroying too many jobs or causing too much inflation."63 Neumark and Wascher agree with Lemos's assessment about the likely price effects (while disagreeing with her conclusions about the overall usefulness of the minimum wage): "Both because of the relatively small share of production costs accounted for by minimum wage labor and because of the limited spillovers from a minimum wage increase to wages of other workers, the effect of a minimum wage increase on the overall price level is likely to be small."64 Other recent research by Daniel Aaronson, Eric French, and James MacDonald on restaurant pricing, a sector with a high share of low-wage workers suggests that the price effects are likely to be lower than the upper bounds suggested by Lemos. Aaronson, French, and MacDonald "find that a 10 percent increase in the minimum wage increases prices by roughly 0.7 percent.""
You can read the entire document here
http://www.cepr.net/documents/publications/min-wage-2013-02.pdf
