Only 4.1 percent of the U.S. population earns the minimum wage. Increasing the wage of $7.95 per hour to $10.10 per hour would make a significant difference to those at the bottom of the wage tier. Overall prices should not skyrocket or wreck the economy.
True, a few industries that rely heavily on minimum-wage workers would be affected more than most. Working full-time at minimum wage, many workers still live below the poverty level. This makes them eligible for food stamps, Medicaid and other government benefits.
So in fact, taxpayers are supplementing the industries that rely heavily on minimum-wage workers. Therefore, not only is raising the minimum wage to a livable wage the morally right thing to do, it is also fiscally the right thing to do.