LANSING (WTVB) - While the debate over raising the minimum wage could become a ballot issue later this year, two of Michigan’s leading economists say makes good sense for the state. MSU economist Lisa Cook and U of M Economist Tim Weisskopf both think it would mean broad economic benefits. Cook says the idea that minimum wage is a “starter” salary for teens just isn’t true anymore. Weisskopf it may cost more upfront, but employers find that it pays off in the long run to increase wages. Full time minimum wage will earn a worker $15,400 a year, which is slightly less than the federal poverty level for a family of two.
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