There are several reasons why we may need a new minimum wage:
Cost of living: The cost of living has increased over time, while the minimum wage has not kept pace. As a result, many workers earning minimum wage are struggling to make ends meet and may not be able to afford basic necessities such as housing, healthcare, and food.
Income inequality: There is a growing income gap between low-wage workers and high earners in many countries. Raising the minimum wage can help to reduce this gap and ensure that workers are paid a fair wage for their labor.
Stimulating the economy: Increasing the minimum wage can help stimulate the economy by putting more money in the hands of low-wage workers who are more likely to spend it in their local communities, leading to increased consumer demand and economic growth.
Reducing poverty: Raising the minimum wage can help reduce poverty, particularly among working families. According to some studies, a higher minimum wage can help lift families out of poverty and reduce their reliance on government assistance programs.
Moral obligation: Many people believe that it is morally wrong for workers to be paid wages that are not sufficient to support themselves and their families. Raising the minimum wage can help ensure that workers are paid a living wage and can support themselves without relying on public assistance or charity.