The High Cost Of Minimum Wage

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The high cost of minimum wage
For a while now many have been demanding minimum wage be brought up to 15 dollars. Strikes and protests for it are nothing new. Who wouldn 't want to get paid more? This idea seems promising, but it may turn into a deadly trap ready to paralyze our economy. Minimum wage should not be raised to 15 dollars for at least several years because it will ruin our economy. It would be very costly, unfair and counterproductive if that were to happen.
Raising minimum wage to 15 dollars is an expensive and tricky direction to take. It 's impossible to do without running into serious consequences. Six dollars doesn 't seem like much, but it 's a big deal if that 's how much more an employer would have to pay each employee in Massachusetts. America needs to be smart when it comes to minimum wage. Bassell explains how we have already watched the consequences unfolding of higher minimum wage in American Samoa: “American Samoa had to incrementally increase their minimum wage commencing in 2007.(...) and while the average earnings increased by 27%, prices increased by 34%, so life became more difficult for the entire island. Eventually, President Obama had to freeze the increases”(Instant). It 's understandable that everyone wants to get paid more, but no one wants to pay for overpriced food, clothing and rent to name a few. If minimum wage goes up drastically inflation will get out of control. In order to pay their employees $15.00, companies will be left with
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