Should Minimum Wage and Living Wage Laws Be Eliminated?
The topic of minimum wage is a very hot topic. What you typically hear is what the
minimum wage should be or how it hasn’t kept up with inflation. The topic and reading for me
is probably one of the most compelling throughout my education and career. I have been
brought up being taught what the minimum wage is and what it ought to be. The same can be
said about the exposure I have and the millions who watch television and read the newspaper.
With the end of President Obama’s second term, these 2016 elections bring up numerous hot
topics. One of the always popular ones would be that of the American economy and jobs.
Topics in which candidates must address, whether on the national or state level. What we again
consistently hear is what the minimum is and what it should be, or even if candidates plan on
pushing on reform to raise the minimum wage. I’m sure if any candidate were to say “Let’s
eliminate minimum wage all together”, would be under fire and almost be automatically
deemed unelectable.
Simply to put it, the minimum wage is the required lowest amount an employer must
legally pay an employee. Basic economic principles of Supply & Demand: to an extent when the
price of a supply goes up, the demand of that supply goes down. The same holds true with
employment. If there is a required minimum (minimum wage) that an employer must pay, and
that minimum requirement goes up, the demand for employees drop. Typically, when this
happens, it may or may not have a direct affect on unemployment. Understandably, argument
on minimum wage isn’t as concise. There are pros and cons for both sides, and minimum wage
is certainly engraved into our economy. Whatever stance one may have on it, it is hard to say
