Minimum wages are extraordinarily damaging to the most disadvantaged of society — the physically and mentally handicapped, the poorly educated, the young and unskilled and those with checkered histories that make them questionable employees. The road to perdition is paved with both good intentions and ignorance; the economics profession has been willful in its ignorance by concentrating on the marginal consequences of increasing minimum wages rather than emphasizing the continuing harm that minimum wages create.
Starbucks’ Howard Schultz and other men of good will unthinkingly embrace the belief that higher living standards can be legislated by simply putting floors on wages. This does not create prosperity; it creates poverty and misery. Even worse, the damages it does are concentrated upon society’s most vulnerable. This is a sin.