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Minimum Wage Increases in the United States
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Several states and cities in the United States are raising their minimum wages to $15 or more, with New York State leading the way with a minimum wage of $16 on January 1, 2024. The federal minimum wage has not changed since 2009, causing a loss of purchasing power for minimum wage workers. Advocates are pushing for a higher minimum wage to address this issue.
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How will the increase in minimum wages impact businesses and their profitability?
How will the minimum wage increase be received by businesses and workers in different industries?
What are the potential long-term effects of a higher minimum wage on the economy?
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