A minimum wage, which sets the lowest legal wage a company can pay its workers, is designed to prevent exploitation. Its backers argue the pros, including guaranteeing low-income workers a liveable wage, outweigh the cons. But who really benefits from a legally mandated minimum wage?
The minimum wage is too low
A higher minimum wage would unlock economic benefits and be far more effective at limiting poverty.
A higher minimum wage would improve economic activity by adding consumers
Minimum wage has been an issue for years. People who get paid minimum wage don't get to contribute much to the economy. If people can't spend money on anything, the economy can't be poured into. Therefore, a higher minimum wage would boost GDP.
The minimum wage is designed to ensure all workers are paid fairly. The minimum wage puts more money in people's pockets to buy more products, driving up demand, and prompting employers to hire more employees to keep up with demand.