The Economic Experiment That Upended Reality
The article discusses the unexpected outcomes of raising the minimum wage, particularly the $15 minimum wage implemented in Seattle. Contrary to predictions, job losses did not occur, and the economy continued to thrive. This challenges the long-held neoliberal economic paradigm that equates higher wages with fewer jobs, suggesting a need for a new economic framework.
- ▪In 2014, Seattle implemented a $15 minimum wage, defying predictions of job losses and economic collapse.
- ▪The economy in Seattle continued to grow, with 100,000 workers receiving raises and spending them.
- ▪Despite evidence that raising the minimum wage does not lead to job loss, the neoliberal economic paradigm remains influential in policy making.
Opening excerpt (first ~120 words) tap to expand
IdeasThe Economic Experiment That Upended RealityMinimum-wage increases were expected to kill jobs. The fact that they didn’t should make us rethink a lot of assumptions.By Nick Hanauer and Eric BeinhockerIllustration by Paul Spella / The Atlantic. Sources: Getty; Shutterstock.May 22, 2026, 7 AM ET ShareSave In the fall of 2011, one of us gave a presentation on the idea of a $15 minimum wage to a gathering of the Democracy Alliance—one of the most influential networks of left-leaning donors and advocates in the country. It did not go well. Heads shook. Some people in the audience laughed out loud. Later, when we raised the idea with Democratic members of Congress, progressive economists, and liberal think tanks, the reception was similar.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Atlantic.
