Step-by-step explanation:
Supporters of raising the minimum wage argue that it would provide workers with a living wage, reduce income inequality, and stimulate the economy. They believe that a higher minimum wage would address the cost of living and improve the financial well-being of low-wage workers. Proponents also argue that it could reduce reliance on public assistance programs, as workers would be better able to support themselves.
Opponents of increasing the minimum wage to $15.00 argue that it could lead to job losses, particularly in sectors with already tight profit margins. They believe that businesses may not be able to afford the higher labor costs and may resort to reducing staff or cutting back on hours. Critics also argue that a higher minimum wage could discourage entry-level job opportunities, making it harder for inexperienced workers to find employment.
The impact of increasing the minimum wage can vary depending on various factors, such as the local economy, cost of living, and industry-specific circumstances. Both positive and negative effects have been observed in different studies and real-world examples. It is important to consider comprehensive research and analysis when evaluating the potential consequences and benefits of such a policy change.