I think we should raise the minimum wage

According to Barack Obama, he believed that we should raise the minimum wage of salaries to keep the economy moving forward. But there are pros and cons but I believe the pros outweigh the cons. Raising the minimum wage raises demand for local economies and in fact it causes consumer spending to increase. The minimum wage is basically a governments way of regulating businesses and other work places that hire human labors. Also according to President Obama,raising the minimum wage would create $60 billion in spending which is very helpful to our economy. During the Great Depression, President Roosevelt used this technique to help keep middle class people out of poverty. So in overall, raising the minimum wage at a tepid price would keep the economy moving forward and it would prevent people from falling into poverty. People may say that raising the minimum wage might cause job losses by according to studies, that it not true. Now lets talk about the workers, raising the minimum wage would help prevent worker abuse because it would relieve many abusive practices. It would also increase productivity and reduces turnover since employees would tend to stay with companies that pay more. Many business leaders support President Obama on raising the minimum wage just look at Costco and how they pay high salaries for their employees because the CEO realized the benefits of high paying salaries so of course they would support a raise in minimum wage. The only con I can think of is that companies or corporations would start raising the price of their products due to the increase of the minimum wage because a companies goal is to maximize the profit as much as possible and to minimize cost or loss. But like I said before, the benefits definitely outweigh the costs. Source: http://nelp.3cdn.net/02b725e73dc24e0644_0im6bkno9.pdf http://www.salon.com/2012/07/30/top_5_reasons_why_raising_the_minimum_wage_is_good_for_you_and_me_salpart/ View the diagram below