Minimum Wage
There are many ups and downs when it comes to the idea and doing of raising minimum wage.
The idea of raising minimum wage comes from the idea that it will reduce the amount of
poverty. Minimum wage is eight dollars and fifty cents. Minimum wage jobs may even offer a
higher hourly rate, that is up to the business. The actual requirement of minimum wage keeps
businesses from getting into trouble and underpaying people. One major benefit is paying people
more so that they are not considered to be under the poverty line. One major downfall is that
some business may not be able to afford the price of minimum wage, and people will lose their
jobs.
If minimum wage is to go up, that can also cause prices to go up too. Your one-dollar
cheeseburger from McDonald’s may turn into a five-dollar cheeseburger. The idea of a
Mcdonalds one-dollar menu is to make it so that people with low income can still afford to go
out and eat, and that may disappear with minimum wage raised. As for quantity, the sales of
things may decrease due to the rise in prices. Many people are going to be upset paying the price
of five burgers and now only getting one.
Economists are not, not wanting to raise minimum wage to upset people or to keep people in
poverty, I believe that they just see the bigger picture of things and have the most knowledge
behind what is best for our economy. Raising minimum wage will not guarantee that there is less
poverty. That is a big point about why economist don’t think that minimum wage being raised is
going to solve the ‘big problem’. Just because minimum wage goes up, does not mean that
people will choose to work, and that is another reason why people are facing poverty, and
minimum wage being higher will not change that.