I do definitely think that minimum rage should be adjusted for inflation so it always stays a constant "worth" but it really isn't fair for the people that worked hard to get a degree and then get fired from the job or just never really accepted having to work at such a low income to support there family. I know this could cause economic problems for businesses having to raise there prices but I think for now I'm going to say that it should be raised a little bit.
I feel the minimum wage should be increased, but only in line with the rate of inflation. If the minimum wage is increased above this, then it will force the cost of production higher, and thus in turn increase the cost of goods. This would counteract the increase of the above inflation rise in the first place.
The trade off for a higher minimum wage is that it will hurt businesses who could potentially either not hire additional workers or even get rid of workers they have to cover the extra costs. However, the more earnings that people have, the more taxes they pay and the more they spend to help grow the economy.
I truly believe that in today's society and with the amount of money there is in the world that NO ONE should be on the streets or without the basics of life. (milk, eggs, butter, etc). Especially if people are actually working for their money then they should be well off enough.
Increasing the minimum wage just creates inflation. If you increase the minimum amount of money a person makes, then the business spends more money. As they spend more money, they increase the prices of their products, until everything just costs the same as it did before in terms of percentage, but the currency is worth less.
As well as if we raise the wage it would end up hurting other people because The 2012 Wilson review noted: A 2004 “review of more than 20 minimum wage studies looking at price effects found that a 10 percent increase in the U.S. minimum wage raises food prices by up to 4 percent.” which would cause the rest of the nation to have to pay more for there groceries.
The minimum wage is supposed to be the minimum amount of money one can earn from a job, its not supposed to be lived off of. As well as if we raise the wage it would end up hurting other people because The 2012 Wilson review noted: A 2004 “review of more than 20 minimum wage studies looking at price effects found that a 10 percent increase in the U.S. minimum wage raises food prices by up to 4 percent.” which would cause the rest of the nation to have to pay more for there groceries.
Minimum wage laws do not provide any benefit. The price level will adjust to offset the additional cost. Employers are consumers and when you artificially mandate higher prices you are going to inevitably decrease the purchase of labor. In the end, you are decreasing the availability of employment for teenagers and adults with little or no education and a total lack of skills.
I don't think the minimum wage should be increased all over. Maybe in certain states where the wage is lower than most other states, but not in every state. Some states' minimum wage is already pretty high and that makes living off of minimum wage easy, but at the same time minimum wage isn't something to live off of. Minimum wage is what you start at before you advance.