The federal minimum wage is currently set at $7.25 per hour. Many people around the nation are pushing for the minimum wage to be raised to $15 per hour, almost double of what it is set at now. This may sound like a good thing when first hearing it, however the effects that it will have on the economy will be far worse than having a lower minimum wage. If the minimum wage was raised to $15 per hour the inflation would also raise due to businesses raising prices to cover for employee costs, people will also not be motivated to seek higher education, and small businesses may be forced to close down due to rising costs. The minimum wage should stay where it is at now and not be raised to $15 per hour.
The minimum wage was set in 1938 at 25 …show more content…
If adjusted for inflation, the minimum wage would be set at $10.52 per hour. However, if it was set at $10.52 per hour, the inflation would still be higher than it is right now. There would still be more money flowing through the economy, which also means that the prices of products will be higher, making for a higher cost of living. Now people are wanting the minimum wage to be set at $15 per hour, which is way higher than if adjusted for inflation. And if the minimum wage was raised straight to $10.52 or $15 per hour, inflation would increase a lot quicker than if it was gradually increased or not increased at all. If it is not increased at all, then inflation would increase at a much lower rate compared to raising the minimum wage at any rate. And if raised straight to $15 per hour, the inflation rate would increase largely, in a very short period of time. This would make adjusting to inflation rates nearly impossible. The minimum wage should not be raised in order to preserve the common good. Some may say that we have to raise it in order to promote justice and the pursuit of happiness. However, if raised justice and the pursuit of happiness would only be fulfilled for a limited amount of time before the same problem comes around again. The common good is much more important to favor in this situation in order for the economy to keep working the way that it
The minimum wage was set in 1938 at 25 …show more content…
If adjusted for inflation, the minimum wage would be set at $10.52 per hour. However, if it was set at $10.52 per hour, the inflation would still be higher than it is right now. There would still be more money flowing through the economy, which also means that the prices of products will be higher, making for a higher cost of living. Now people are wanting the minimum wage to be set at $15 per hour, which is way higher than if adjusted for inflation. And if the minimum wage was raised straight to $10.52 or $15 per hour, inflation would increase a lot quicker than if it was gradually increased or not increased at all. If it is not increased at all, then inflation would increase at a much lower rate compared to raising the minimum wage at any rate. And if raised straight to $15 per hour, the inflation rate would increase largely, in a very short period of time. This would make adjusting to inflation rates nearly impossible. The minimum wage should not be raised in order to preserve the common good. Some may say that we have to raise it in order to promote justice and the pursuit of happiness. However, if raised justice and the pursuit of happiness would only be fulfilled for a limited amount of time before the same problem comes around again. The common good is much more important to favor in this situation in order for the economy to keep working the way that it