Whether or not minimum wage should be raised is a controversial topic that plenty of people feel passionate about.
Many say yes, it should be raised so that we can close the gap between the rich and poor.
However, many others say no.
Though I think it would be great to make more money, I have to agree with the people who say that we should not raise the minimum wage. If minimum wage was raised it would have major effects on the economy.
Employer’s of big businesses will always find ways to make as much money as possible, so if the minimum wage is raised they will get rid of employees that are costing them too much money. This would then cause unemployment to increase.
Also instead of closing the gap between rich and poor, raising the minimum wage would not help close the gap between them. In fact, it could make the “poor people poorer”.
Another consequence of raising the minimum wage is that “15 percent to 20 percent of small businesses” could be eliminated. Small business plays a major role in our economy and for them to become bankrupt and go out of business would be horrible and effect many people negatively.
Overall, raising the minimum wage would have too many negative effects on the economy for us to even consider it.
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More Money, More Problems by Moiranda is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.