A new report shows minimum wage increases have had little effect on the number of jobs in Maryland and nationwide. While the rhetoric around increasing the minimum wage often comes with the caution it will reduce low-wage employment, a new review of decades of research showed most studies found no job losses after the state or local minimum wage is raised. Ben Zipperer, senior economist for the Economic Policy Institute and the review's co-author, said raising the minimum wage has unquestionably benefited workers. ...
Increasing minimum wage puts more money in the economy which people will spend which puts more money in businesses so they can pay their people more putting more money in the economy.
The only reason the wealthy don’t like this is because their money passes through the hands of the unclean masses instead of going directly into their offshore tax haven accounts.
Yep.
Give a rich man a dollar and all you’ve done societally is remove a dollar from the economy. If you instead make him give that money to his employees things change, but cause poor people actually need money and will spend it.
You give a poor person that dollar through increased minimum wage and they spend it at a business. That business now makes more money, which is passed on to its employees through the increased minimum wage, and they spend that dollar again.
And again.
And again.
That dollar you took from the rich and gave to the poor drove a lot more than a dollar’s economic activity.
OH - and it’s also taxed every time it changes hands, so it also brings in more than its initial value in tax revenue.
The dollars are soiled by passing through the hands of the poor, though.
Don’t worry, the rich are here to laundry the money until it is clean again.
Maybe an analogy makes it clearer: the economy is the blood flow, formed by services and products. Money if the fat in the blood. It’s necessary for the system and without it it doesn’t work right. But if it forms a clot then there a problem.