3. Massive Waves Of Immigrants
Did you know that well-meaning minimum wage laws have already destroyed entire economies? In the 1980’s the USA ordered Puerto Rico to raise their minimum wage to the same rates required in the United States. This seemed like a good idea at the time, but it had terrible effects.
Puerto Rico is much poorer than the USA, so their businesses were unable to pay these higher wages. This resulted in mass layoffs, causing thousands of out of work people to flood into the United States.
Done globally, this would kill industry in most developing nations and cause mass migration from poorer regions in to wealthy countries.
4. Hatred Towards Foreigners
Not everyone would be happy about waves of migrants moving abroad to take high paying jobs.
In fact, studies have shown that most countries would become incredibly xenophobic and hatred towards foreigners would run rampant.
Throughout history, mass migration has always brought racism and hatred with it. Natives don’t understand the immigrants’ culture or value system, and it creates tension between both groups. With a $15 minimum wage instituted, this problem is very likely.