Minimum wage hike: A weak economic antidote Obama can’t ignore

Considering I’m currently working at the local coffee shop for $7/hour plus tips, this minimum wage struggle is real. I am thankful to have more than one income…

Fortune

Ever since the February 2013 State of the Union address, when President Obama announced his support for a higher minimum wage, the issue has captivated a nation worried over stagnating middle-class wages and income inequality.

It’s no surprise that Democrats across the country have clung to the issue, as it’s quite popular. A CNNMoney poll released Tuesday showed that 71% of Americans favor raising the minimum wage, including 54% of Republicans. Heck, even former Republican presidential hopefuls Mitt Romney and Rick Santorum have come out in favor of raising the wage floor.

But policy experts are less enthusiastic about the move. At a Fortune event on Monday, economists Peter Henry and Glen Hubbard (former Obama and George W. Bush advisors, respectively) agreed that there are more effective ways to help the working poor than raising the minimum wage.

And at a policy speech to business leaders on Wednesday morning, Treasury Secretary Jack Lew laid out a comprehensive plan…

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