Advantages to raising the minimum wage include reduced income inequality, reduced worker exploitation and underemployment, and increased business activity. Raising the minimum wage can also prevent inflation from rising too quickly.Continue Reading
Higher wages reduce employee turnover, which in turn reduces the costs of employment and training. Additionally, minimum wage increases don't harm job creation, and over 600 economists have signed a letter agreeing to this fact. In the U.S., when states raise their minimum wages during periods of high unemployment, the unemployment rates drop more than half the time. In addition, minimum wage increases aren't likely to increase the price of products significantly, so higher costs don't undermine the additional income workers make. In the United States, increased wages help affected workers quit food stamps.
In the United States as of 2014, most people making minimum wage at their jobs aren't teenagers, and many supply the main income in their households. Raising the minimum wage would help improve the economic security of those dependant on minimum wage jobs and lift them out of poverty. Finally, increasing the minimum wage benefits children who live in low-income homes, because an increase in the minimum wage could raise the amount their parents earn, contributing to greater security for the family.Learn more about Economics