President Obama proposed raising the minimum wage in his recent State of the Union address. The impact of such a move on employment and the economy generally is debatable. According to Anthony Mirhaydari, businesses are already worried about burdensome taxation and regulation, and corporate earnings are under pressure. However, there is evidence of an improving situation for the American worker. Employers have already cut headcount and raised productivity as much as they can; now, in order to sustain growth they must either increase wages or hire more workers.
What do you think? Is it time to raise the minimium wage rate?