Rationally thinking, if minimum wage increases there will be more harm than good. Mark Caleb Smith, director of the Center for Political Studies at Cedarville University, stated that Increasing the minimum wage will have the short-term positive impact on people at the lower end of the wage scale. Raising minimum wages will bring short-term appeal to low-income workers, until they must be laid off or fired because businesses cannot afford to employ as many employees. This will affect markets and have an impact on the supply, demand, and surplus of a specific market.
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Minimum Wage Essay - Words | Cram
The Fight on Minimum Wage Minimum wage. The lowest amount of money regulated by the government in which businesses must pay their employees. Minimum wage is slowly on the rise, with dramatic proposals in the last few months. However the raise in minimum wage could cause great harm to the United States economy. The minimum wage should not be raised because it would increase the price for the consumer, it could harm the small businesses of America, and it could cause millions of minimum wage workers to be laid off. Many people are asking will colleges lower their tuition because student debt has risen to 1.
Benefits Of Raising The Minimum Wage
Many people against raising the minimum wage argue it would raise the unemployment rate. This is not true, the extra money in customers hands would raise the economy enough to cancel out the extra costs, and actually create more jobs. Jobs might initially be lost, but in the long run, they will recover with a vengeance. In the end, when people say raising the minimum wage would lose jobs, it is a temporary loss that will recover within a year or. If we raise the minimum wage, not only are jobs going to be lost.
The Democratic senator from California, Mark Leno, said that no one in the Golden State should live in poverty due to not earning enough income. This is microeconomic because it will reduce the employment for those workers who are not highly skilled. But this is also a macroeconomic issue. Business leaders are worried that such a big change will happen not too far from now. Just a few years left.