Quote:For much of the Democratic primary campaign, Hillary Clinton said she supported raising the federal minimum wage from its current $7.25 to $12 an hour. But over the course of a drawn-out race with rival Bernie Sanders, who supported a $15 federal minimum, Clinton shifted her position, eventually saying in April that she would sign a $15 minimum wage bill if given the opportunity. Clinton's shift on the issue mirrors the larger shift by the Democratic party as a whole.

One of the most remarkable things about the move by Democrats to support a $15 an hour federal minimum wage has been how divorced the idea has been from economic expertise. Not only have conservative economists warned about the negative consequences of such a move, but some of the party's own leading policy voices have said that it's dangerous and would almost certainly result in significant job loss.

For example, former Obama administration economic adviser Alan Krueger—whose work has helped lay the foundation for liberal arguments that smaller hikes in the minimum wage would not result in significant job loss—warned last year in a New York Times op-ed that a $15 an hour minimum wage would likely result in "severe" economic consequences, and that many areas of the country would not be able to absorb such a hike.

Behind the scenes, it's been clear that much—maybe even most—of the liberal policy community is uncomfortable with the idea, even though many have refrained from public criticism.

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In its campaign form, this is purely cynical political pandering. In legislative form, however, it would have real and practical consequences. But for Clinton, the potential loss of millions of American jobs is apparently a small price to pay when compared with her own political future.