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New Study Finds a High Minimum Wage Creates Jobs!!!!
May 13, 2023
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"A decade ago, conventional wisdom held that raising the minimum wage would not necessarily benefit low-income workers.
Over the next thirteen years, a long list of cities and states enacted minimum wage increases of unprecedented size. Between 2014 and 2022, California increased its minimum wage by 56 percent in inflation-adjusted terms. Over a similar time period, New York raised its wage floor by 72 percent.
Permanent double digit unemployment did not ensue.
In fact, not only did these historically large minimum wage hikes fail to put all fast food workers out of job, but a new study indicates that they actually induced job growth.
That redistribution of income away from business owners to workers can, in turn, have a stimulative effect.
Low-wage workers often live paycheck to paycheck and spend a high percentage of their earnings. Affluent business owners, by contrast, can often afford to stow away excess earnings. Thus, when you move dollars from the latter to the former, that money becomes more likely to circulate in the local economy. Which translates to higher demand for goods and services, such as fast food, which gives fast food restaurants an incentive to add more staff."
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