One of the more popular debates in economic times relates directly to the minimum wage. There are obviously going to be two different points of view on this matter, where both views think the other is wrong while holding that they are still right. Supporters of minimum wage believe that there are plenty of reasons that this is a good thing. Some of their arguments are that the minimum wage is able to raise the standard of living, it helps to create incentives to get people to work, or even that it can help with consumption. The argument that minimum wage can increase the standard of living basically means that it is giving a set hourly wage to those who normally wouldn’t be employed or have less money, and thus is able to help them with that issue and allow them to better their …show more content…
Minimum wage started to help those with less skills and those who are faced with the issue of poverty. When minimum wage is increased, this creates a more competitive job market where those less skilled now suffer because it makes more sense to hire somebody with a higher amount of skills than somebody who has little to none. In this situation, the sole idea that was meant to help the low skilled, now hurts them. Another issue is that places with higher minimum wages have to raise their prices to meet an equilibrium. With higher wages, the store or restaurant has to make up for those wages and now it is hurting the customers and thus a snowball effect occurs. The people who are opposed to minimum wage would completely argue that by raising these wages, it is only hurting those that minimum wage set out to help and for that same reason, they openly oppose it. In such a competitive world, those who fall behind will surely get left behind and it only will create a survival of the fittest situation which does not bring too many benefits into the