When it comes to running the economy, it is usually a good idea to listen to what the Republicans have to say about it, then do the exact opposite. For years, Republicans have argued that raising the minimum wage hurts business while tax cuts for the rich benefit everyone. This warped logic led to one of the biggest financial recessions in US history when it transpired that the rich don’t necessarily know better than everyone else.
The moral argument for raising the minimum wage is clear: People cannot live on current wages, so raising them would allow them a reasonable standard of living. Thankfully, there are those now pointing out the economic argument for an increase in the minimum wage. From the Huff Post:
A group of economists made the case on Tuesday for raising the federal and state minimum wages across the country as a way to boost the stagnant economy and improve the standard of living among low-wage earners.
Backed by what they described as 15 years’ worth of research, a panel at progressive think tank the Center for American Progress (CAP) argued that higher minimum wages flush more money into the economy without cutting into job growth — the latter a long-held contention of business interests and many conservatives.
This of course will be met with howls of disapproval from the same politicians responsible for destroying the economy. And the best thing to do? Ignore them completely.
Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.