Raising Minimum Wage Research Paper

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Does raising the minimum wage help society? There are reasons that it does help, but overall, minimum wage does not help the general society. Although, raising the minimum wage would reduce government welfare spending,raise interest for jobs, and the current wage isn't enough to cover everyday needs and housing costs, it would be bad for society because it would increase costs for consumer goods and housing costs, reduce the likelihood of upward mobility, and lastly it would force companies to lay off workers and force companies to close. There are many reasons that raising the minimum wage will help the society. One is that it would reduce government welfare spending. If the lower class had more money from the minimum wage being raised …show more content…
If the the minimum wage was increased, the cost of consumer goods and housing would go up. An article by the Federal Reserve Bank of Chicago said that if minimum wage is increased, fast-food restaurants would pass on almost 100% of their increased labor costs on to the consumers and that other firms would do the same. Not only would it increase consumer costs, it will also force companies to close. Jamie Richardson, fast-food Vice President of the White Castle, said that the company would be forced to shut down half of its stores and would force them to let go thousands of workers if the minimum wage is increased. Raising the minimum wage reduces the likelihood of upward mobility in the workplace. Don Boudreaux, Adjunct Scholar at the Cato Institute, said that raising the minimum wage cuts off the first rung of the employment ladder. The first lowest paying rung provides the skills and experiences to reach the next rung and continue to climb their way to a successful life. These are the reasons why raising the minimum wage is not beneficial to society. There are many valuable points that prove that raising the minimum wage is both beneficial and non-beneficial to society, but overall raising the minimum wage is non-beneficial to society. My opinion on this topic is that raising the minimum wage is non-beneficial to society. Think of it this way, do you want to pay more in taxes and for everyday products like food? Or maybe be working at a business and getting laid off because they can't afford to pay you? Although there's valuable points for reasons why the minimum wage should be increased, but I believe it
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