Why Minimum Wage Should Stay Down

Category: Finance, Minimum Wage

Last Updated: 07 Nov 2022

Pages: 2 Views: 214

Minimum wage is currently $7.25 an hour. Many Americans think this is not enough to live off of because of the constantly increasing markets of today’s society. If minimum wage increases many businesses would have to fire many employees or stop selling certain products completely. Minimum wage needs to stay down so prices can stay down! Evidence #1: Reason number one to not raise minimum wage is because it would result in job loss, the first minimum wage of 25¢ resulted in noteworthy job loss. The effects of job loss are often long lasting. Due to how society compels us to be seen by how we provide for our family might send many people into a spiraling depression because families often don’t save money for experiences like this. We cannot allow this to happen because we will fall back into a dark age.

Evidence #2: Reason number two to not raise minimum wage is because it would raise many prices of already overpriced items. Sure raising prices could increase profitability but not by very much after the fact of having to pay the extra dollars for your worker who now gets paid $12 an hour, and your store is now lagging behind because of short notice on workers. Raising prices could also lower the amount of customers willing to buy your product in turn causing you as the owner to lose business and now even more money. Finally, when raising prices of a simple item like a bag of apples that is $4 now to $7 because the people that pick the apples now have to be paid and the people you buy the apples from now have to find money to pay those workers with so they raise their prices and cause you to have to pay more for the same stuff. We cannot allow this to happen because small business owners would fall into bankruptcy.

Evidence #3: Reason number 3 to not raise the minimum wage is because if you want to keep all your employees you would more than likely have to cut hours. This could result in these employees quitting because they are not satisfied with their paychecks, their benefits, or even dissatisfied employees becoming less productive leading to lower sale rates and the business losing money. This environment creates a poor work environment and causes many employees to see this a favoritism if another employee gets more hours than them. Minimum wage should not be raised because it would make people upset and lessen the work environment. Conclusion: “If the government requires that certain workers be paid higher wages, than businesses make adjustments to pay for the added costs, such as reducing hiring, cutting employee work hours, reducing benefits, and charging higher prices.” Policy analysis, The Negative Effects Of Minimum Wage Laws- Mark Wilson. This quote shows the exact effects of minimum wage laws. In conclusion, minimum wage laws need to stay down.

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