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President Obama Speaks on Economic Mobility, Argues for Raising the Minimum Wage

White House (12/04/13)

In a recent speech, President Obama said income inequality “challenges the very essence of who we are as a people.” To address income inequality and decreasing upward mobility, the president is calling for an increase in the minimum wage, among other solutions. Although some people argue that raising the minimum wage is bad for business and hurts low-wage employees, there is no solid evidence that supports this, the president says. Rather, research indicates increasing the minimum wage boosts both incomes for low-wage employees and short-term economic growth. In fact, a growing number of businesses favor the minimum wage, according to the president.