The True Cost of a Higher Minimum Wage - Zachary Karabell - The Atlantic:"What’s not clear, however, is whether mandating a higher wage will do anything to change that. Nearly 20 states have a higher minimum wage than the federal rate.
That means that the federal law has little effect in wide swaths of the country.
What’s more, according to the Bureau of Labor Statistics, only 5 percent of all workers are paid at or less than the current minimum wage.
Thus, increasing it will make precious little difference in most people’s lives.
.....Under a higher minimum wage, a significant number of companies would likely trim payrolls in order to maintain profits."
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