To a certain extent, higher minimum wage actually can reduce the turn, reduce vacancies,

and make jobs more stable.

It's very clear evidence that that happens when the minimum wage rises, that these jobs

end up actually being more stable, workers end up quitting less, and that's consistent

with this monopsynistic explanation or description of the labor market.

Hello, and welcome to Wise is happening with me, your host Chris Hayes.

A few weeks ago, you may have noticed that the COVID relief package, that the minimum

wage increase, which have been originally part of it, did not make it through.

There was a lot of fighting about it, voting about it, and arguing about it.

And the minimum wage is really fascinating in a bunch of ways.

In 38 Fair Labor Standard Act during the New Deal was the first piece of legislation

to impose a minimum wage across the country.

The last time the minimum wage was raised was way back in 2009.

It was raised to $7.25.

The first week of shows I did in all in back in April 2013, on the second or third show,

we featured some workers who were part of what was then called the fight for 15, which was

a fight for a $15 minimum wage.

Now in 2013, $15 minimum wage was pretty aggressive.

It was four years after the minimum wage had just been raised to $7.25.

So even if you factored in inflation, this was an aggressive push.

Well, guess what?

It's eight years later, the minimum wage has not been raised.

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