Minimum Wage
Advantages and Disadvantages
Advantages:
- Low-income families' incomes will increase.
- Less families living below the federal poverty threshold.
- More revenue for the government from payroll taxes for social security.
- Can be used as a tool for economic growth.
Disadvantages:
- Loss of some jobs for low-wage workers.
- Prices would be higher.
- Employers might hire fewer workers in the entry level jobs.