Consumer spending is 2/3 of the economy.
Retail Sales November 2014: Consumer Spending Jumps As Low Gas Prices Boost Black Friday, Thanksgiving Sales
"Except take this within the context of many, many other minimum wage studies, and it's all way more complicated. Deakin University's Hristos Doucouliagos and Hendrix College's T.D. Stanley showed in a 2009 paper that taken together, nearly 1,500 estimates of minimum wage effects on employment clustered right around zero effect, but with more of those estimates showing a slight downward pressure on employment."
"As they write, "with sixty-four studies containing approximately fifteen hundred estimates, we have reason to believe that if there is some adverse employment effect from minimum wage raises, it must be of a small and policy-irrelevant magnitude."
Seems far from certain how and by how much raising the minimum wage effects employment and mobility. Bottom line, they really don't know.
Never let your sense of morals get in the way of doing what's right.
Because pickles don't create demand (they don't buy stuff).Why is the price of labor different than the price of pickles in your mind?
The key is for wages to surpass inflation, not the minimum wage. That can lead to cost push inflation, which is self defeating with minimum wage increases.