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Everything You Need to Know About Minimum Wage: Part II

on March 18, 2014

Young Economics

Stimulating the Economy

The argument can be made that raising the minim wage to $10.10 would stimulate the economy due to more money spent on goods and services.  President Obama and additional researchers argue that lower-income workers, or those who depend on minimum wage, spend their earnings more quickly and locally than do higher-income workers.  In fact, the Federal Reserve Bank of Chicago noted that every $1.00 increase in the minimum wage would increase the spending of a low-wage worker’s household by $2,800 yearly.  This provides the local, small businesses with the customers and demand they need to maintain and expand their own labor forces.  As a result, we would see a reduction in the nation’s unemployment rate.  More specifically, our nation could be looking at 85,000 new jobs, which is 9,000 more than the job creation between November and December that yielded a .3% reduction in the unemployment rate…

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