(4) A $15/hour minimum wont result in major job losses because it would put money in the pockets of millions of low-wage workers who will spend it — thereby giving working families and the overall economy a boost, and creating jobs. This is my core argument for raising the minimum wage. More money in consumer pockets means more consumer spending, which means higher demand, which means more jobs. That creates a self-feeding cycle of economic growth. It requires top-down regulation because all businesses need to do it cooperatively and simultaneously, or the forces of competition will continue to suppress wages.
Posted on: Wed, 09 Apr 2014 00:35:20 +0000
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