Call your mom, kiss your significant other, and curl up into a ball as the sad violin music from Titanic plays: Economists are warning that raising the minimum wage to $15 could have a catastrophic effect on the most entertaining and infuriating part of Instagram. Yes, we’re talking about rich kids.
While other research has determined that a $15 minimum wage would decrease inequality in America and help level the playing field for women, a new paper from the U.K.-based Centre for Economic Policy Research found that the raise would negatively impact wealthy families. Currently, rich couples are having more kids than they did 20 years ago — and they’re better able to afford domestic workers to do chores and take care of those kids. But if well-off parents are required to pay their workers a $15 minimum wage (can you even imagine???), they may decide to have fewer children, Quartz reports.
To illustrate this point, study co-author David Weiss, an economics lecturer at Tel Aviv University, told Quartz, “We’re saying that if you raise the minimum wage that’s bad for rich people. Rich mothers will have to make a choice between career and motherhood.” Just like non-rich parents!!!!!
Our thoughts are with the wealthy youths of America during this difficult time.
