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The increase in minimum wage is detrimental to our economy because it makes profits fewer and hurts small businesses. It works two-fold.Will raising the minimum wage hurt the economy?
Raising the minimum wage would be good for our economy . A higher minimum wage not only increases workers' incomes-which is sorely needed to boost demand and get the economy going-but it also reduces turnover, cuts the costs that low-road employers impose on taxpayers, and pushes businesses toward a high-road, high-human-capital model.What are the positives of raising minimum wage?
List of the Pros of Raising the Minimum Wage It creates wealth distribution to each socioeconomic group. Since the last time the minimum wage was raised at the federal level, over 80% of the income gains in the ... Raising the minimum wage may reduce poverty. Studies by the U.S. ... It reduces wage gaps. ... Raising the minimum wage might reduce public assistance spending. ... More items...