What are the Pros and Cons of raising the Minimum Wage? Should we raise the minimum wage? This is a question that has echoed through the hallways of all three branches of government since the days of the Progressive Era over a hundred years ago. Those in favor of raising the minimum wage argue that changes are needed to help incomes keep pace with increasing costs of living and that a higher minimum wage will lift millions of people out of poverty. Those against raising the minimum wage believe that higher wages could have several negative effects on the economy, leading to inflation, a less competitive market, and job losses. What the Crash Course video below about Labor Markets and the Minimum Wage and consider the arguments both for and against increasing worker income. Then, compose two well-written paragraphs that answer this question: Is a minimum wage a benefit for society? Justify your response. Be sure to use these concepts in your writing: price floor unemployment quantity demanded for labor quantity supplied for labor equilibrium wage minimum wage benefits to those who receive minimum wage