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The minimum wage in the U.S has been the subject of debate for many years. Many people argue that we shoud be careful about sharp increases in the minimum wage becasue of the resulting inflation and layoffs. Others believe that minimum wage should be raised.
The minimum wage has been a controversial issue for many years in the U.S. Some people argue that the minimum wage should be raised to keep up with the cost of living. However, I believe that we should be careful about sharp increases in the minimum wage because it would cause inflation, raise the unemployment , and it is the matter of the laws of economic.
First, raising the minimum wages would cause inflation. The companies would have lower profit margins due to higher wages. They would increase the cost of goods and services produced with low-wage labor in order to make up their profit. It will affect the whole economic.
Second, increasing the minimum wages would simply increase unemployment, and make it difficult for some companies to stay in business.
Employers, who cannot afford the higher wage, would have to reduce the number of employees, particularly those with few skills who need these jobs to break into the labor force. It ends up hurting those people.
Third, the minimum wage should depend on the laws of economics. The principle of supply and demand should determine wages. If there is an unemployed person who is willing to take a job for $5 per hour, and there is a business owner who has a job for which he can only afford to pay $5 an hour, why should the government make it illegal for them to come to their own terms of employment?
In sum, artificially raising the minimum wage would affect economic negatively. Therefore, we should take careful consideration in increases in the minimum wage.
The minimum wage in the U.S has been the subject of debate for many years. Many people argue that we shoud be careful about sharp increases in the minimum wage becasue of the resulting inflation and layoffs. Others believe that minimum wage should be raised.
The minimum wage has been a controversial issue for many years in the U.S. Some people argue that the minimum wage should be raised to keep up with the cost of living. However, I believe that we should be careful about sharp increases in the minimum wage because it would cause inflation, raise the unemployment , and it is the matter of the laws of economic.
First, raising the minimum wages would cause inflation. The companies would have lower profit margins due to higher wages. They would increase the cost of goods and services produced with low-wage labor in order to make up their profit. It will affect the whole economic.
Second, increasing the minimum wages would simply increase unemployment, and make it difficult for some companies to stay in business.
Employers, who cannot afford the higher wage, would have to reduce the number of employees, particularly those with few skills who need these jobs to break into the labor force. It ends up hurting those people.
Third, the minimum wage should depend on the laws of economics. The principle of supply and demand should determine wages. If there is an unemployed person who is willing to take a job for $5 per hour, and there is a business owner who has a job for which he can only afford to pay $5 an hour, why should the government make it illegal for them to come to their own terms of employment?
In sum, artificially raising the minimum wage would affect economic negatively. Therefore, we should take careful consideration in increases in the minimum wage.