Benefits Of Minimum Wage Essay
In recent years, minimum wage has been a popular topic of debate. It is an impactful topic and is very relevant because it affects every person. This includes even those who do not have a job that pays them the minimum wage. It even spans across the world affecting people because of the multiple results of raising it. An increase or decrease in minimum wage affects the prices of goods, as well as inflation. There are many split opinions on the basis of minimum wage. Although many believe it is beneficial to raise minimum wage, there are those that believe, it is detrimental to the nation. The benefits and downsides of both raising minimum wage and keeping at its current state, makes for a large debate.
Raising minimum wage comes with an abundance of …show more content…
By increasing the minimum wage, there would be an economic stimulus. Raising minimum wage would generally mean that those who work for these wages would have more money to spend into small businesses, businesses in general and that putting their money back into the community would help the economic downfall (List). Along with this comes more job opportunities. If minimum wage is raised, people are able to spend more money. This in turn causes businesses to have more clients, customers and sell more products. If a business gets a jumpstart into more sales, they may find that they need more employees and this produces job opportunities (List). If companies can settle for fewer profits, an increase would be a tremendous benefit to the economy. Another possibility is that companies just take the hit and accept lower profits rather than laying people off. Research on whether this happens is pretty inconclusive,