I know if the minimum wage is increased to $15/hr consumer prices will increase. Will those with higher paying jobs see a decrease in their salary if the minimum wage is increased to $15 /hr nationwide?
In theory, a stiff and swift increase in the minimum wage may result in less employment (of minimum-wage-eligible workers) and may increase prices to some extent as firms pass on higher wage costs to their consumers. But it does not follow that higher-wage workers will see a decrease in their wages. Since the wages of the minimum wage-eligible workers have gone up, they may increase their spending and boost demand (and sales) which may even allow firms to raise salaries of higher paid workers.