Spending drives the economy
A few days back we read some comments from local business leaders in the area concerning the potential rise of the minimum wage from $8.25 per hour to $9. They suggested they will need to raise prices in order to maintain their profit level. They overlooked the proven fact that consumer spending is the biggest driver of our economy. Period. A person or family living on the minimum wage will almost, without exception, spend that additional $30 a week, and they will spend most of it in the local economy. They are not about to take a trip to Europe and spend it over there.