Economic View Of Raising The Minimum Wage

1791 Words Nov 7th, 2016 8 Pages
Economic View of Raising the Minimum Wage Minimum wage has been a touchy subject for decades, but especially in this election year, it is more profound than ever before. With candidates screaming at each other, it’s important for the citizens of America to know the facts about minimum wage along with the costs and benefits. Continue reading to discover the truth about wages in America. From a small business owner perspective, it is safe to say people are split 50/50 about raising the minimum wage. The supporters think a raise will have more positive externalities than negative. For example, some predict more money will be in worker’s pockets which will allow them to buy more goods from small businesses and therefore, aid small businesses (Harrison, J.D., 2014). Continuing with this idea, if worker’s have more money, then there will be more money put back into the economy, in general, benefitting all businesses—not just the small ones. Another prediction, from small business owners, is increased worker productivity. This increased productivity is caused by the incentive to work hard when it is rewarded (Harrison, J.D., 2014). On the other hand, not all small business owners agree with a raise in the minimum wage. In fact, some see no benefit at all arguing they are barely surviving after the previous raise in federal minimum in 2007 (Harrison, J.D., 2014). To put it simply, some can’t afford to pay their workers more at this time. Still, others say a raise simply wouldn’t…

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