The Pros And Cons Of Raising Minimum Wage

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Raise Minimum Wage
Raising minimum wage has always had a debate amongst people. There has always been a controversy of doing so has or not, how ever there is always some advantages and disadvantages in such topics as such. According to some studies from 2013, research shows that raising minimum wage could in fact increase job growth and activity. This research was based on the wages of $7.25ph increasing to $10.10ph and if it was done so, it would point 22.1 billion dollars net into economy and produce 85,000 if not more jobs in a period of 3 years. Studies also show that raising minimum wage would reduce poverty, a $10.10 minimum wage could save up to 900,000 people out of poverty (Congressional Budget Office). Raising minimum wage could indeed also reduce welfare spending. It is said that if low income workers were to earn more money, they would no longer depend on the government for help, which also means that food stamps would reduce their spending by 4.6 billion dollars and 1.7 billion americans would not depemd on the government. (Center Of American Progress)
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Others are that, it might hurt small businesses and force companies to close, this also means it would lead to inflation by raising the prices of consumer goods anywhere from 4-20%,. Teens and adults would be cut off the working force which really affects because according to Pew Research Centers, teens and adults make up 50.4% of the workforce on minimum wages. And lastly, companies might feel forced to use robots as a replacement of employees if they cannot afford to pay for low skilled employees and also to avoid

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