What Are the Arguments For and Against Minimum Wage Laws?
Proponents argue that minimum wage laws improve the standard of living for low-income workers and reduce income inequality. They believe that higher wages can boost consumer spending, which in turn can stimulate economic growth. Opponents, however, argue that minimum wage laws can lead to job losses, especially for unskilled workers. They contend that businesses may respond to higher labor costs by automating jobs or outsourcing to countries with lower wages.