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Walton: How many would you like? environmental persuasive speeches A paper from the Chicago Fed finds that, while there might be little impact on long-term growth prospects from a higher minimum wage, the measure could add as much as 0.3 percentage point to gross domestic product in the short-run. Thatâs not insignificant for an economy that expanded at a soft annualized rate of just 1.1 percent over the last two quarters.