As a recent study of the USA has shown that up to 40% of homeless people are employed, the gap between the richest CEOs and their poorest workers is becoming increasingly more transparent. It is obvious that, due to vast amounts of tax evasion by the rich corporations, the best answer to reducing this gap is obviously not merely in taxing the rich but also in making them pay a livable wage to their workers. President F.D.R. Was very clear about the fact that, when he talked about a livable minimum wage, he meant one that sustained not only the bare essentials of life but that could uphold a decent standard of living. This value is obviously not being upheld anymore but I would remind everyone who reads it that, despite what your government may tell you, the millions of homeless people are, in large, neither responsible for their unfortunate situation or for the national debt crises that these big corporations have led us towards.
Most likely, inflation will annihilate the nominal increase in earnings. Supply and demand determine the value of everything (including labor). Suppose we pay minimum wage earners $10.00 an hour. The value of their work will remain unchanged, therefore the value of the dollar will decrease. $10.00 will be worth only $7.25. Nominally, minimum wage earners will make more, but the dollars they earn will be worth less (thus they will receive the same amount in terms of purchasing power). People with stagnant wages would actually be earning less than before. This will hurt the economy.
There is an alternative scenario in which the dollar doesn't immediately lose its value, but it is even worse. In this scenario, corporations, determined to maintain profitability, lay off workers. The cost of unskilled labor in the US becomes too high for them to make a sufficient profit. Producing goods using foreign labor is so much cheaper than making things here. As a result, jobs go to China, Mexico, India, Bangladesh, etc. With less people working (and paying taxes) and more people unemployed (probably on welfare programs), the deficit rises and the economy falters. As a result, the dollar ends up losing value anyway.
Small businesses wouldn't be able to keep up with the raise, meaning they may go bankrupt and / or jobs would be lost . People who think it should be raised, in my eyes, are short minded as what may help the individual doesn't necessarily help the economy . . .
As Theguywhoisright stated"debt, debt, and more more debt" I agree with him completely. It is a good thought to raise the minimum wage but all together raising the minimum wage will merely cause more debts for the nation as Theguywhoisright stated again. Everyone would love a little more money, but this is not the way to do it. Perhaps being more limited on credit cards would help? After all, they are the leading cause of debt in the country..
What you are proposing today is a completely ridiculous opposition in which you make many flaw-filled assumptions. The first assumption that you are making is that debt is non existent. By increasing minimum wage, you would cause national, statewide, and regional debt soar. To raise minimum wage, it would cost you more to hire a worker, so you would start hiring less people. This would also make unemployment skyrocket.