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Raising minimum wage helps economy January 10, 2014

One popular myth is that raising the minimum wage hurts the economy. Seventy-five years of empirical data has busted that myth wide open. Since 1938, the minimum wage has been raised several times yet the economy has grown and grown. Raising the minimum wage creates purchasing power for wage earners who then spend their wages. Their spending creates demand for goods and services. ¬†Because one person’s spending is another person’s wages, the economy grows.

Source: Bureau of Economic Analysis, www.bea.gov
Mid-year population estimates from U.S. Census Bureau, www.census.gov

 

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