The federal minimum wage goes up 70 cents today, from $6.55 to $7.25 an hour. Backers of the increase say it’s long overdue for millions of the nation’s working poor. But some economists say the increase could prolong the recession, by forcing small businesses to lay off the same workers that the pay hike was meant to help. Creighton University Economist Dr. Ernie Goss tells us, retail-trade and food industries will be hardest hit. Minimum wage advocates counter the wage bump will keep more working poor afloat, and say more increases are needed to help stimulate consumer spending and strengthen businesses in the long run.
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