Would increasing the minimum wage increase the standard of living?

In my opinion, it wouldn't because otherwise countries would increase minimum wage constantly. So what does the country need to increase the GDP and standard of living?

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Answer by fiddlefaddle (883)

Increasing the minimum wage would only increase the standard of living if the costs of living remains the same during the increase of wages. Usually the increase is small but with inflation it levels off.

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Answer by Roland27 (16334)

It may do that but it also costs more in the end as well. Taxes become higher since people sometimes jump tax brackets due to the fact they now make more money. In order to increase the standard of living they need to help the poor people out and stop giving the rich tax exemptions.

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