While many activists welcomed this news, a Feb 5th New York Times article examines the possible negative effect of increased minimum wage owners on small businesses, weighed against the advantages predicted by proponents of the laws....
Working overnight from Monday to Friday, earning minimum wage and being taxed on top of that isn’t enough due to prices of gas, food, and necessities sky-rocketing.
Higher minimum wages are especially destructive for people with poor work skills and limited work experience." -- Dan Mitchell, senior fellow, Cato Institute.
Many people believe that raising the minimum wage will help stop the cycle of poverty, stimulate the economy, and decrease the amount of taxpayers’ money that goes toward benefits; however, the long term consequential effects on the economy and the poor outweigh the short term benefits.