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It baffles me that seemingly intelligent people can't see what exactly would happen. It would mostly drive wages down for anyone who is even near minimum wage. And no people do not want to take a job which pays them less because they perceive that the employer is taking advantage of them. You also have to consider that most future employers will want to know what they made at their last employer. If they take a pay cut they could be digging a hole for themselves with future employers too. It's understandable that people want to avoid this. Some might argue one year of unemployment is better than taking a 30-40% pay cut.
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