I personally believe that the minimum wage should be raised from $7.25 to $10.10. It will give the states an economic boost, improve small businesses, and potentially increase jobs.
In 2012, the Census Bureau found that approximately 66% of minimum wage workers are employees of large businesses (businesses with over 100 employees). This includes stores such as Walmart or fast food chains such as McDonalds that can afford higher wages. Also, the Harvard Business Review did a study and found that major retailers can actually benefit for higher sales by investing in their employees. For example, Trader Joe's pays their employees between $40,000 and $60,000 per year which is more than twice that of their competitors, and their sales are three times higher than the average U.S. supermarket.
The Econonomic Policy Institute found that the Fair Minimum Wage Act of 2013 will generate $30 billion in economic activity and support the creation of 140,000 jobs.
Also, The National Federation of Independent Businesses did a study and found that most small business owners suffer from low sales, which can make minimum wage an issue. However, if employees are payed higher amounts, more goods will be bought and this can help boost the economy (especially for these small businesses).
Studies were found on www.raisetheminimumwage.com
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