Yes I do think that raising the minimum wage will help the United States Economy. People want to have a job that will help them advance in the world. A lot of people have minimum wage jobs and if the were paid more they could be able to afford more things.
When the United States was in an unprecedented boom back in the 60's, the minimum wage was close to $11 an hour once adjusted for inflation. What would $11 an hour mean for you if you make $7.25 an hour? Would you be able to spend more money which would fuel more economic growth for our country? To the other side, I understand your concern about jobs being lost and to a certain extent, you are right. Yet, if people lose their jobs, isn't that because demand is down which would allow people to maintain those jobs? Solution: do what PRESIDENT BUSH did in 2008. Inject 150 billion dollars into the economy by having people spend it and those jobs will still be there.
The U.S. Economy is struggling so bad that I think anything could help at this point. But, if I have to pin point something, if you raise the minimum wage, the people will obviously make more money, therefore be spending more money in turn and slowly helping our economy come from the ashes.
Yes, raising minimum wage will help the United States economy because that means workers will be earning more money and can therefore also put more money back into the economy. Workers with increased wages will feel more financially secure and free to spend the money they have earned. Their emotional and physical health will also improve because they will be under less financial stress. This translates to a happier and more productive workforce, which works in favour of improving the United States economy.
If the min wage goes up, prices on everything would go up so businesses can pay their workers. And if businesses want to keep their prices low, then they are going to have to fire people. You can't raise the minimum wage and create jobs and expect nothing else to change. McDonalds would have to charge $7 for a hamburger! The $7 would help pay for heating, employees, food, waste disposal, cooling, electricity, etc. Anyone who thinks it can work doesn't really understand how to run a business.
Raising the minimum wage is the most stupid idea that anyone has ever had to improve the economy. It won't actually cause anyone any benefit. All that will stem from the minimum wage being increased is that the price of goods sold at places with employees on minimum wage will increase, then the price of other things will increase to remain relative to those prices, then THEIR employees will have their pay increased, until we reach a point where everyone is being paid more and everything costs more. Basically, the phrase "raising the minimum wage" is directly synonymous with "inflation".
At this point a raise in the minimum wage will not help the economy in the United States. It may give it a small boost as some people will make more than they do now but stores will simply mark prices up. We need a raise in minimum wage plus a way to fix the income gap between rich and poor.
By raising the minimum wage all you will end up doing is looping right back to where you started. Money does not just appear out of thin air, to increase the minimum wage, without reducing revenue, a price increase will be needed. Companies need to increase prices in order to have the money to pay employees a higher wage. By raising the prices to afford the new minimum wage, we end up right back at the start. Now that prices have increased in proportion to the new minimum wage, we have zero effect on the affordability of products to minimum wage workers. People also seem to forget that the minimum wage was never designed to sustain a lifestyle. By increasing the minimum wage all you will do is increase prices, make in-affordability worse, and end up right back where we started.