In each state, the minimum wage will be rising by 5-10 percent per year, over the next recession cycle. If all goes according to plan, this will necessarily cause wage quantizations to shift upward. New York and California are a quarter of US GDP. Their wage spiral will be seen as an aggregate one or two percent wage inflation. That raises treasury rates over the cycle, interest on national debt become close to twenty percent of the budget, and is volatile due to roll over interference. But the US Senate is dominated by 30 small states that rely on a discretionary budget relationship with DC. Their budget allocation gets drowned, the US Senate stops working.
So the plan is unworkable, something has to give. What gives, these days, are early retirement to Florida and migration to Texas. California and New York legislatures causing mass migration, a war crime.
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