The debate over an increase in the minimum wage has seen a wealth of support from several prominent small business groups. While it may seem counter intuitive, most companies that qualify as a “small business” already pay above the federal minimum wage. This stands in stark contrast to the negative picture of the effect of the possible wage increase being sketched by the opposition. (Negative picture as in calamitous, not something gross.) Most of the arguments that I’ve heard against the wage increase at least mention the fundamental market forces riding against the boost to minimum wage workers, if not stress it. They say that in some industries, when it costs more to employ people, businesses will simply employ less people. Proponents of the wage increase believe that when minimum wage workers have more money to spend, it will have a positive effect on the economy as a whole. Prominent organizations in favor of the increase include: Main Street Alliance, the National Latino Farmers & Ranchers Trade Association, and the Greater New York Chamber of Commerce. To read the source article from Bloomberg Businessweek, click the link below.
- About Us
- Contact Us