I think if we were to raise the minimum wage in the United States it would end up hurting out economy as a whole. There are many facts that show an increase in the minimum wage would hurt our economy. According to Christopher Ingraham the minimum wage in California has gradually been increasing since 2006. The minimum wage in California is projected to hit $15 in 2022 which is concerning to the people that live there. Since the increase in minimum wage, California has experienced a decline in employment by ten percent and it is expected to rise as the minimum wage rises (Ingraham, Christopher. What Does a $15 Minimum Wage Do to the Economy? Economists Are Starting to Find out.
The Washington Post, WP Company, 11 Jan. 2018). Millions of jobs are expected to be lost by 2024 when every state is projected to have $15 minimum wage. Even though it makes sense to raise minimum wage in California because of living expenses it will end up hurting them in the long run. The loss of millions of jobs is not the only bad thing about raising minimum wage. It will also cause the price of products to spike drastically and tax will increase when the minimum wage is increased. There have been many occasions where states have stated that employers have reduced their hours, for example Seattle.
Many states already have an increased minimum wage that is higher than the federal minimum wage. The federal minimum wage is $7.25 and many states like our own have a state minimum wage that is actually higher than that. For some states raising the minimum wage by a small amount makes sense because of the cost of living in those states, but raising it to $15 will have an affect on many things throughout the economy.
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