Thanks to Fox News:
“It will be good for our economy, it will be good for our families,” Obama said of a minimum wage hike. The White House is backing a bill that would raise the federal minimum to just over $10 an hour, up from $7.25.
Critics of a minimum wage increase argue that it could have the perverse effect of hurting the economy, resulting in higher costs for consumers and fewer jobs to offset the cost of higher wages.
But Obama touted local efforts to address the minimum wage. Around the same time as Obama’s speech, the D.C. Council voted to give preliminary approval to hike the minimum wage to $11.50 an hour, which would be one of the nation’s highest…(read more)