Negatives Of Raising Minimum Wage
Positives of Raising Minimum Wage
In the article “Raising Minimum Wage Is Common Sense: Column” written by Jack Quinn, Connie Morella, Steve LaTourette, and Mike Castle, who have all worked in politics, explain …show more content…
Raising minimum wage could cause in increase in prices everywhere and create fewer jobs. In the article “Why I Don’t Think We Should Raise Minimum Wage” William Dunkelberg, Chief Economist for the National Federation of Independent Business, explains why he thinks raising minimum wage could cause many issues, and end up being worse than it is now. “The percentage of the eligible population with a job has dropped dramatically from 64.7% in 2000 to just 59.3.”(Dunkelberg). Part of this has to do with the baby boomer generation retiring, but also many of the younger generations have stopped looking for jobs. They realize that they can live off of welfare payments, instead of getting a job. This can be a problem for many businesses, considering that every year there is three million people added to the economy. Each person needs things like haircuts, food, etc., but businesses are running into the problem of not having enough workers to supply these jobs. “But the available supply …show more content…
That is not the desired result of raising minimum wage. There is no benefit if there is no job. Mandates like the minimum wage destroy job opportunities, forever.”(Dunkelberg).
If we raise minimum wage, it might seem like we are trying to help the economy but in reality we might be causing more harm than good. Consumers would directly see the effects of raising minimum wage, because prices will go up to compensate for the higher wages. If they do not raise their prices, it could cause them to hire fewer employees, or go out of businesses. If their are less jobs, than there will be more people living in poverty which would be the opposite effect of what raising minimum wage is trying to do.
Making the Choice
Whether you believe in raising minimum wage or not, you can probably agree that something needs to be done to help both employers and employees. While raising minimum wage would give more incentive for people who are currently unemployed to start looking for a job, it could also cause a lot of stress on businesses, forcing them to employ less people or go out of business. Somehow we need to come up with a plan to that can benefit both