Many people in the United States rely on a minimum wage job as their only source of income. The government’s set minimum wage is $7.25. States then have the power to set their own minimum wages. States such as New York currently has a set minimum wage set at $8.75. However, some residences of New York propose to raise the minimum wage to $15. There has been widespread debate on whether raising the minimum wage is the solution to the problem of helping low income families. Raising the minimum wage to $15 in New York State may be viewed as a great way for people to get out of a low paying job or simply to make ends meet, but it’ll only bring unemployment and inflation of costs.
Businesses are sometimes forced to hire fewer employees if the proposed $15 minimum wage is enacted. Thus, fewer people have a job. "We
…show more content…
“”Right now, I'm trying to be competitively priced, but if I had to double my salary base, in turn it would initially hurt business because I would have to increase my prices. Some people may not realize why I would have to increase prices. I would have to cut back on staff and raise prices and there would be no other way to control costs.”” (Cavitt, 4) and "In my particular business it would mean a 20 percent increase in prices," (Klepper, 1). Both are business owners who fear the repercussions the proposal may bring to their businesses.
Supporters of minimum wage believe that a minimum wage stimulates spending and thus puts more money into the economy by allowing low paid workers to spend more. However, is trying to fix the problem best? Isn’t it better to let the economy flow and “let it be”? "We need to let economics follow what economics are supposed to do. Wages will go with supply and demand. This bill allowing an increase in the minimum wage would not spark the economy." (Cavitt,