There’s been nationwide momentum over the last few years to raise the national minimum wage above $7.25 an hour. Today S&P Global Ratings enters the mix with a new research paper that states what many economists have said before: a minimum wage hike would be good for the U.S. economy.
Don’t just take it from me, here’s a quote from S&P:
S&P Global Ratings believes that the economic benefits of a measured increase–to bring the U.S. in line with comparable countries around the world–at this time in the business cycle would outweigh the negative effects, especially among the demographic groups who suffered most during and after the Great Recession.
The question remains of how big a hike it should be. You can read more about this and the fight to raise the minimum wage to $15/hour here.