The Consequences Of Raising Minimum Wage

1354 WordsMay 2, 20166 Pages
The Consequences of Raising Minimum Wage Many minimum wage workers are pushing for an increase in the lowest amount that they can legally get compensated per each hour worked. When it comes to raising the minimum wage, people do not take in consideration all the things that could happen as a result of it being increased. Raising the minimum wage could have a disastrous effect on businesses that have a large amount of unskilled workers. These businesses would have to increase not only their minimum wage workers but the wages of all levels of employees. Almost all businesses have minimum wage workers. Therefore, almost all goods and services could increase in price. Everything from food, to games, to toys, and even living expenses would rise in price. Minimum wage should not be increased because people want it to be raised. Increasing the minimum wage would not be beneficial because it would result in an increase in the price of goods and services, result in the reduction in the number of jobs offered to unskilled workers, and cause complacency in the workforce. First off, inflation is defined as a general increase in prices and fall in the purchasing value of money. If the minimum wage were to be raised, it would make the prices of everything else raise as well. Also, the value of the dollar bill would decrease. For example, a candy bar that cost a dollar could increase in price to a dollar and fifty cents. “The upshot of all this: first, any inflation generated by an
Open Document