<human>:  What are the pros and cons of raising the minimum wage?
<bot>: 
Pros:
 • Increased purchasing power for those at the lower end of the income bracket
 • Decreased unemployment as employers are less likely to cut employees and hire more to keep their wages low
 • Increased motivation and productivity from employees who will be earning more
 • Potential for an overall increase in wages, leading to decreased economic inequality

Cons:
 • Increased labor costs, which can lead to businesses raising prices
 • Higher costs for small businesses which could lead to layoffs, sales cutbacks, and other cost-cutting measures
 • Decreased demand for higher skilled workers who are earning more than the minimum wage
 • Possible displacement of workers in certain sectors, such as those employed in low-skill jobs due to automation or outsourcing