http://money.cnn.com/2014/01/24/news/economy/minimum-wage-executive-order/index.html?iid=SF_E_River
Sunday, January 26, 2014
Some liberals want to raise federal minimum wage from $7.25 to $10.10. Specifically they are pushing for President Obama to use his executive power to require government contractors to pay the $10.10 minimum wage. This action could raise minimum wage for nearly 2 million workers. However, even if the President signs such an order, it would likely take a few year to be fully implemented. Minimum wage should be enough to live on if you have dependents, but whether $10.10 per hour is the right wage is still a question because who knows where prices will be in 2 or 3 years.
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Its basic economic theory, if you raise the minimun wage, you increase the level of unemployment. It could be argued that welfare as a whole increases when the Minimum wage increases but according to the wage theory, its just going to land more people in despair than it is going to inherently solve the problem.
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