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CBS Money Watch
January 3, 2014
In the battle over America’s widening income gap, nothing may be more hotly contested than the effects of raising the minimum wage. One of the arguments cited by opponents is that raising the wage wouldn’t actually help lift many Americans out of poverty, given that some who are below the poverty line don’t work or aren’t their family’s breadwinners. By raising the baseline wage, they argue, companies would have to cut jobs to compensate or raise prices. But a new study from University of Massachusetts-Amherst economist Arindrajit Dube calls some of those assumptions into question.
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