Should the minimum wage be increased?
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.