Should the minimum wage be increased?

8 answers

  • Probably not. The benefits of increasing the minimum wage may be neutralized by a higher cost of living.

  • No. Raising the minimum wage increases unemployment.

  • Probably not. Raising the minimum wage will only have a marginal effect on those living below the poverty line.

  • No. For American businesses looking to relocate or expand, a state with an increased minimum wage could be less competitive than states with the federal minimum wage.

  • No. A higher minimum wage will make it harder for entrepreneurs to start new businesses.

  • No. The market isn't perfect, but it's the best mechanism for fairly determining wages. If a productive worker is undervalued, they can leave for better opportunities elsewhere and their employer is harmed by losing productive workers.

  • Caution is advised since raising the minimum wage is irreversible. It could have damaging economic effects, but then would also be deeply unpopular to put it back down again.

  • Yes. A company whose business model can't survive paying their workers a fair wage doesn't deserve to stay in business.