Opponents of raising the minimum wage believe that higher wages could have several negative repercussions: leading to inflation, making companies less competitive, and resulting in job losses.
The main argument for a minimum wage is that it helps low-income families earn enough money. The potential disadvantage is that it may discourage employers from hiring low-wage, low-skilled workers. If minimum wages reduce employment for low-skilled workers, there will be winners and losers.
Raising the federal minimum wage will also stimulate consumer spending, improve business profits, and help the economy grow. A small raise would boost worker productivity while decreasing employee turnover and absenteeism. It would also benefit the overall economy by increasing consumer demand.
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