Most people would conclude that the standards of living would increase and it will better the economy if the minimum wage is raised. In fact, the increase of minimum wage to $15 an hour would cause a crisis in the economy. It would also have a negative effect on businesses. The raised of minimum wage will increase the unemployment rate. It is predicated that the employment rate could be reduced by 500,000 jobs. It would also cause a crisis, where workers are going to be replaced by machines. It would lower the standards of living for thousands of people. Therefore, people would be consuming less and the GDP could decrease. Furthermore, it will discourage young adults to attend college. The number of high school dropouts will increase.
