How the latest minimum wage increases can help business

It's pretty simple math: If people don't have any money, they can't buy what you're selling.

Companies are figuring that out, which could be why business opposition to increasing the minimum wage is waning, according to Bloomberg Businessweek.
 
Voters across the country and political spectrum backed measures to increase the minimum wage in Tuesday's midterms and businesses seem to be backing off their fights against the efforts.
 
The report states that companies have connected shoppers' loss of purchasing power to financial strain brought on by stagnant or falling wages. Red Lobster, Wal-Mart Stores and Family Dollar have told investors that economic pressure on the middle class and slow income growth have lowered consumer spending.

Read more from Bloomberg Businessweek.