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The minimum wage should be raised to $10.10.
This is not only the fair thing to do, but it will help the economy. An improvement in the economy has been experienced in states which have adopted a higher minimum wage. Jobs are more plentiful in those states. When more money is channeled to the population at large, it provides a larger market for goods and services and businesses thrive. Economists report a multiplier effect (typically 4 or 5) when money is placed in the hands of people who must and do spend it immediately.
It is a fundamental truth that, when the money is concentrated in the hands of a relative few, the economy suffers. This is because businesses have no market for goods and services when the people have no money. This was illustrated in 1929. Then, many people were trading stocks on a 10% margin and banks were risking depositor money in the stock market. When the overpriced stock market crashed and banks failed, a massive amount of money was removed the hands of the many. The depression was immediate. Hoover foolishly channeled more money to the rich (origin of trickle down -more currently called supply side or voodoo economics) aggravating the problem. First, Franklin Roosevelt dispensed hope. That prevented a revolution. Then he started the CCC, WPA, and other programs to provide jobs for the people and the depression slowly lifted.
We currently have a dangerous problem. The gap between the rich and the poor is at record levels and increasing. Even the ultra rich will not benefit from a massive depression and the revolution which will likely follow. It is in their best interest to temper their petty greed and support programs which balance the wealth of the country. Even, the CEO of Mobil, who gets $17,000 an hour, is best served by my proposals.
Greed is a mind numbing thing. The rich are like the top deck passengers on the Titanic, counting their money and cheering as those of us in the lower decks drown. They don't stop to realize that they will soon suffer the same fate when the great ship goes down.