In today’s day and age, many of our life 's decisions and outcomes are heavily influenced by our financial status. The amount of money people make can affect their living and quality of life that they will have for them and their family. Although there are many different jobs that offer a good income not everyone is able to reach those due to everyone 's unique reasons. However, working at a minimum wage job is always a good starting point to start earning some money and eventually progress. Minimum wage jobs pay their employees the lowest amount of money that the state sets the lowest amount too. The wage is usually set quite lower compared to other jobs because the skill needed is usually low as well. Although the minimum wage is low due
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Small business will be forced to shut down because as a small business, they do not have enough profits to pay their employees more money than what they have in order for the business to make some sort of profit and grow itself. In the article “Minimum wage” by Jeff Klassen, He speaks about some of the negative effects that raising the minimum wage can have. He says ”They voice concerns that raising the wage would result in lower profits for businesses, layoffs of teenage workers, and increased costs for goods and services”. This is a significant consequence that must be taken into account, statistics show, in a poll taken by Sba.gov in 2012, 99.7 percent of businesses in the U.S were small businesses. This is a very large percent of businesses that can be affected, and it has the potential to hurt the overall economy if these businesses were to be shut …show more content…
There is a possibility of small businesses shutting down, employers reducing employee work hours, and the cost of living going up. These three consequences are just some of many more consequences that can happen if the minimum wage is set to high. However, raising the minimum wage does offer some essential benefits that must be taken into consideration as well. There should be a safe balance that will not hurt the economy, help rescues those in need, and regulate the cost of living. These three attributes are needed in order to raise the minimum wage correctly. Raising the minimum wage will not help the people who need it the most in the long run if not executed properly; a planned strategy is needed in order to successfully balance the cost of living and the price of basic
Small business will be forced to shut down because as a small business, they do not have enough profits to pay their employees more money than what they have in order for the business to make some sort of profit and grow itself. In the article “Minimum wage” by Jeff Klassen, He speaks about some of the negative effects that raising the minimum wage can have. He says ”They voice concerns that raising the wage would result in lower profits for businesses, layoffs of teenage workers, and increased costs for goods and services”. This is a significant consequence that must be taken into account, statistics show, in a poll taken by Sba.gov in 2012, 99.7 percent of businesses in the U.S were small businesses. This is a very large percent of businesses that can be affected, and it has the potential to hurt the overall economy if these businesses were to be shut …show more content…
There is a possibility of small businesses shutting down, employers reducing employee work hours, and the cost of living going up. These three consequences are just some of many more consequences that can happen if the minimum wage is set to high. However, raising the minimum wage does offer some essential benefits that must be taken into consideration as well. There should be a safe balance that will not hurt the economy, help rescues those in need, and regulate the cost of living. These three attributes are needed in order to raise the minimum wage correctly. Raising the minimum wage will not help the people who need it the most in the long run if not executed properly; a planned strategy is needed in order to successfully balance the cost of living and the price of basic