The Consequences Of Raising Minimum Wage - 1354 Words

The Consequences of Raising Minimum Wage Many minimum wage workers are pushing for an increase in the lowest amount that they can legally get compensated per each hour worked. When it comes to raising the minimum wage, people do not take in consideration all the things that could happen as a result of it being increased. Raising the minimum wage could have a disastrous effect on businesses that have a large amount of unskilled workers. These businesses would have to increase not only their minimum wage workers but the wages of all levels of employees. Almost all businesses have minimum wage workers. Therefore, almost all goods and services could increase in price. Everything from food, to games, to toys, and even living expenses would rise in price. Minimum wage should not be increased because people want it to be raised. Increasing the minimum wage would not be beneficial because it would result in an increase in the price of goods and services, result in the reduction in the number of jobs offered to unskilled work ers, and cause complacency in the workforce. First off, inflation is defined as a general increase in prices and fall in the purchasing value of money. If the minimum wage were to be raised, it would make the prices of everything else raise as well. Also, the value of the dollar bill would decrease. For example, a candy bar that cost a dollar could increase in price to a dollar and fifty cents. â€Å"The upshot of all this: first, any inflation generated by anShow MoreRelatedMcdonald s And The Minimum Wage993 Words   |  4 PagesMCDONALD’S AND THE MINIMUM WAGE Introduction Minimum wage has always been, and will probably always be, a controversial topic. Some believe raising the minimum wage is the solution to poverty, while others believe that raising the minimum wage is a recipe for â€Å"killing† jobs. This age old debate has come to the forefront recently as the â€Å"Fight for $15† by fast-food workers continues to grow. The campaign’s core argument is that the billion-dollar companies in the fast-food industry can afford toRead MoreRaising The Minimum Wage Increase On Employment And Family Income Essay877 Words   |  4 PagesRaising the minimum wage America’s economy is built upon the free enterprise system which operates according to five principles: the freedom to choose our businesses, right to private property, profit motive, competition, and consumer freedom. This system allows pricing of goods and services and employee wages to be determined by the market. Raising the minimum wage will adversely affect the pricing of consumer goods and employee wages and can temporarily disrupt our economic system. According toRead MoreBenefits Of Raising The Minimum Wage908 Words   |  4 PagesIn our modern society one of the seemingly least controversial topics is the minimum wage. The popular opinion wants to raise the minimum wage, but is the popular opinion always right? Throughout recent years, politicians have made promises to raise the minimum wage to help low-income earners live a better life. Contrary to popular belief, raising the minimum wage actually hurts low-income earners and low-skilled workers. We must first define a low-skilled worker. A low-skilled worker does not meanRead MoreThe High Cost Of Minimum Wage929 Words   |  4 Pageshigh cost of minimum wage For a while now many have been demanding minimum wage be brought up to 15 dollars. Strikes and protests for it are nothing new. Who wouldn t want to get paid more? This idea seems promising, but it may turn into a deadly trap ready to paralyze our economy. Minimum wage should not be raised to 15 dollars for at least several years because it will ruin our economy. It would be very costly, unfair and counterproductive if that were to happen. Raising minimum wage to 15 dollarsRead MoreBenefits Of Raising Minimum Wage1291 Words   |  6 Pages In recent years, the demand for an increased minimum wage has erupted across the nation. During the ongoing debate, a few states, cities, counties, and companies have taken the initiative to raise the minimum wage of $7.25 per hour to the varying wages of $7.50-$11.50 per hour. According the United States Labor Department, 29 states and the District of Columbia pay above the minimum federal level of $7.25 per hour. The raising of the minimum wage has numerous supporters; however, there are individualsRead MoreRaise Wages Not Expenses1680 Words   |  7 PagesJanuary 2016 Raise Wages Not Expenses The image of the American dream is one that is known around the globe. For a couple hundred years, it has inspired individuals and families to start fresh and hit it big in the United States. That dream, however, may be more far fetched than people think. If they are fortunate enough to find a job, they will quickly realize that the starting national minimum wage is not enough to support a family in our economy. Raising the minimum wage, is an option, butRead MoreMinimum Wage Is The Lowest Payment Permitted By Law Or Special Agreement882 Words   |  4 PagesMinimum Wage Minimum wage is the lowest payment permitted by law or special agreement (labor union). Minimum wage jobs are normally designated for young adults or teens. It does not really permit a suitable living wage for a person with a family. The jobs with minimum wage are learning positions. They enable the worker to gain skills for higher paying jobs. Raising the minimum wage presents a series of advantages and disadvantages to the worker and the economy. Minimum wage was introduced in 1938Read MoreMinimum Wage And Philosophical Theories1374 Words   |  6 PagesMinimum Wage and Philosophical Theories Ethical Egoist There are three different positions suggested on the issue of the minimum wage in the United States. First one is that it is best to not have any minimum wage and let the employers and employees decide. Second, the current minimum wage should not change and stay the same as it is. Third suggestion is that the U.S. should raise up the minimum wage up to certain about such as $15 an hour. Ethical egoism suggests that he or she has to makeRead MoreA Brief Note On Raising Minimum Wage1088 Words   |  5 PagesBrendan Mason Mrs. Scruggs 08/07/15 Raising minimum Wage There is always talk about the problems of North Carolina’s economy, and these problems then become publicized and put throughout the media, informing people on the condition of their state’s economy. A popular topic lately is the state’s minimum wage, and whether it should be raised or if we should keep the current minimum wage. Usually, opinions vary on what to do about minimum wage, however there certainly seems to be a larger group ofRead MoreRaising Minimum Wage Means Raising American Concern760 Words   |  3 Pagescrazy when they first heard President Obama proposal to raise the minimum wage hourly pay from $7.25 an hour to $10.10 an hour. These people think that they are going to get more money in their pockets with a higher hourly wage. These people are clueless. They do not know the consequences that come with raising the minimum wage. Many people that work a minimum wage paying job are teenagers and young men and women, but higher minimum wages woul d make it harder for these teenagers to find jobs because