Even though some people argue that a raise in minimum wage would cause a deficit to economy, loss of jobs, and some small businesses might be forced to shut down as they cannot afford to pay their employees, it is not entirely true. According to the United States Department of Labor a team of 600 economists, seven of them are Nobel Prize winners in economics, signed a letter that supports increasing the minimum wage from $7.25 to $10.10 by 2016. They argued that an increase in minimum wage will not cause any job loss or any small businesses to shut down. In fact it will provide a better spending power for poor families which in return would boost the economy. And even though this would not exactly change the lives of all poor families in America, it would at least help them pay their bills and provide good education for their children.
A raise in the minimum wage would also help prevent the huge gap between the rich and the poor. Nowadays poor families are getting poorer while rich families keep getting richer. Even though a lot of people work hard, day and night, they still cannot live a better life. An increase in the minimum wage would have a direct effect on this gap and more poor families would get a chance to enter the middle class structure. Even Barack Obama, President of the United States, while talking about raising the minimum wage