increases in minimum wage causes more damage than good
Debate Rounds (2)
I belief that an increase in minimum wage is more damaging to both people of low and medium income. The idea behind this belief is that small business who are trying to compete with larger businesses are going to have an even harder time with an increase in pay to their employees, thus closing the doors to many mom and pop shops. The other issue is the decrease in jobs, for example
An estimated 500,000 workers could lose employment.
An estimated 900,000 workers would be moved out of poverty.
Let"s look at it more in depth, first there is the increased inflation. 10.10$ and hour will drop the value of OUR money.
The second hit to Americans will be the increase in price of goods and services. That 1$ hamburger may now end up 3$ (inflation + job costs).
Lastly it downplays the importance of education. Why advance in education if Mr Joe at fast food makes only a hair less?
How would hamburgers rise from $1 to $3?
McDonald's could increase wages to $15/hour and prices would rise 17%. $1 would become $1.17.
Also, the idea that it downplays education is asinine. $10.10 isn't going to convince a college student to drop out. If anything, it would only help pay for an education.
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