Raising the Minimum Wage will Hurt Consumers | Your Bottom Line
Obama’s proposal to raise minimum wage will actually cause problems for small business owners and the nation’s young job-seekers, says NFIB’s chief economist Bill Dunkelberg in this episode of Your Bottom Line. The plan to raise the minimum wage from the current $7.25 to $9 per hour is part of an effort to increase consumer wealth, thus increasing disposable income and consumer spending. In theory, it sounds like a good way to boost the economy.
But is this change really a victory for the workforce?
According to Dunkelberg, an increase in the minimum wage would result in multiple negative outcomes. 3:09
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