Economic

Is increasing minimum wage beneficial or hurtful? I believe it is hurtful.

  1. A lot of people will lose their jobs or have their hours reduced.
  2. Businesses will close and the jobs they created will disappear.
    1. This will affect small businesses heavily.
  3. Young people will lose that “entry-level” job opportunity.
    1. Having a entry-level position usually teaches an individual – new to the work force – basic responsibilities (e.g. showing up on time, working together with others, knowing how to follow instructions, providing customer service, etc.)
    2. No one can get the better job until they have their FIRST job.
  4. The cost of ALL workers will have to go UP.
    1. Increase in labor cost to workers – will lessen the profit of that business
    2. If there’s less profits – the unintended consequence is that the business will cut the hours (as referred above), hire less people, and not expand their business.
  5. Fewer people will open businesses.
    1. A company that does not exist never employs anyone.
  6. Prices for everything will go up

Another perspective on increase in minimum wages.

At the 1:10 minute mark.

The unintended consequences has resulted because of the increase in minimum wages in Seattle, WA.

The minimum wage has ever been an ongoing discussion for many years – this interview was done in 2013.

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