Against Raising Minimum Wage Essay

1499 Words Aug 1st, 2010 6 Pages
Against Raising Minimum Wage
People everywhere are voicing out that we need to increase minimum wage, again. They say that an increase will have a minor impact on jobs but there are no facts to back them up. The impact of raising minimum wage has been studied since the beginning, and has been concluded that raising minimum wage hurts the poor, and helps the rich. Raising minimum wage takes away jobs; especially the low-skilled and young worker, keeps people on welfare, and also encourages high school students to drop out. When you look at the facts, is it really worth raising minimum wage? All credible research has come to the same conclusions, and these I will discuss with you.
Poverty will rise
When minimum wage is raised,
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First one is Reader’s Digest. This is the most widely read magazine in the world, and has been around for quite awhile, but they have recently filed bankruptcy and are going out of business. Next is Blockbuster. Blockbuster was the national leading video rental business for 20 years. They are hoping to keep their internet business alive, but their 6,000 stores are closing. Say you have an estimate of 30 people working per store, that is 18,000 jobs lost right there, just through Blockbuster. Dollar Thrifty Automotive Group is going out of business because they can’t compete with Hertz and Avis Budget car rental companies. Hertz and Avis Budget are currently fighting to buy Dollar Thrifty, so hopefully no lost jobs there. T-mobile, a U.S. mobile wireless provider is also going out of business. They are rated number four, in the American market for cellular providers. Moody’s Cooperation, which is an investor service, is well over 100 years old, and going out of business. There is talk that BP will go out of business after the loss they suffered over the Gulf of Mexico Oil Spill. So far that’s just speculation, but also a good possibility. They lost quite a bit of credibility over the oil spill incident. Zale’s Corporation, which is one of the earliest jewelry retailers in the U.S. They were also one of the first to let you buy items on credit. RadioShack is one of the oldest retailers in the U.S. There is speculation that Best buy is trying to buy them out, so hopefully