is minimum wage helpful for the economy? Should it be increased , decreased or repealed?
- Yes it should be increased the more people have money the more they wil spend it would increase the consumption and tax income50%(1)45%(5)Vote44%(4)
- No it shouldn't be increased it would increase inflation50%(1)36%(4)Vote33%(3)
- Minimum wage should be repealed completely0%(0)19%(2)Vote23%(2)
Most Helpful Guy
Minimum wage has only a slight effect on the economy (it's a minority of people and they make much less than the average), so raising it by, say 10%, won't wreck the economy's productivity, nor would it make goods and services anywhere near 10% more expensive. I'm not sure a raise would fully pay for itself through increases in spending though.
What would happen if it was repealed entirely depends a lot on the local welfare system and labor union strength. Without welfare or strong labor unions it would most likely lead to increased poverty rates and more crime.1