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At first companies would hire less people as they would say, "woah! How is this going to effect us?" Then the Walmart crowd would get paid. These people at the lowest end of society are going to spend that cash and spend it now. So boom everyone is doing a little better. Prices go up a bit to cover the higher wages and it all settles back in.
If raising the minimum wage was really good for poor people and thus the economy, we would raise it all the time.
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