What are the benefits of increasing the minimum wage?

What are the benefits of increasing the minimum wage?

Increasing the minimum wage can lead to higher living standards, reduced poverty, and increased consumer spending.

How does it affect small businesses?

While some small businesses may face challenges, many benefit from increased consumer spending and employee retention.

Are there any negative effects?

Potential negative effects include increased labor costs, which could lead to higher prices or reduced hiring.

What do studies say about its impact on employment?

Studies show mixed results; some indicate minimal impact on employment, while others suggest job losses in certain sectors.

Can it help reduce income inequality?

Yes, raising the minimum wage can help narrow the income gap by increasing earnings for low-wage workers.