Raising the minimum wage has both benefits and costs. While raising the minimum wage would help the middle class, there is a good chance that those in poverty would not see those gains. Most of those in poverty do not have jobs at the minimum wage, so raising the minimum wage would only see 19% improvement for those in poverty. However, it would be a good measure to keep people out of poverty.
Certain cities have also raised their minimum wages, like San Francisco. Citing that the cost of living in San Francisco is too high for the low minimum wage of $7.25, San Francisco has a special minimum wage set at $15. This wage will roll in over time. This is because having a sudden change in the minimum wage would cause inflation to move into double digits. The gradual raise will mean that inflation will be kept down while wages grow.Tags: Minimum Wage
Raising the minimum wage by Tommy is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.