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Raising Minimum Wage Essay

793 Words4 Pages

Minimum Wage: Is More Better?
What does minimum wage mean to you? For many Americans minimum wage is a tight budgeted living situation which falls short of basic living needs. With this, support for raising the national minimum wage from its current $7.25 to a new high of $15.00 has caught innumerable amount of laborers support as well as Democratic Party member’s support, but one group is exclaiming that raising the minimum wage creates tremendous negative outcomes for the future of America’s economy, that group is economists. In this report, I will examine the connection between democratic members and laborers and why the economist’s perspective needs to be considered among debate on raising the minimum wage in the United States.
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Many Americans believe that it is the answer to the problem of rising living cost and inflation, but it might not be. Raising the minimum wage displays a positive outcome in the short term, but an atrocious outcome in the long term affects. According to a recent survey of economist, conducted by University of Chicago many economists believe that it would be “noticeably harder for poor workers to find jobs”. This is believed due to the high cost imposed on businesses to meet the floor level of $15.00 an hour for labor therefore, higher prices for labor means for a lower need. A similar reason as to why the raise of the minimum wage would produce negative outcomes is due to the ever growing field of technology. With many businesses being imposed with a choice of paying a minimum wage of $15.00 to unskilled workers or invest in technological advances to do the same tasks at hand. This is an ever growing choice that businesses owners often face with minimum wage now, this has caught the attention of economists at Cornell University who conducted a survey of 100 business owners. The survey displayed a stunning 58% of business owners who would try to convert to technological advancements rather than pay a minimum of $15.00 to unskilled workers. This has already been shown by companies such as McDonald’s who are testing robotically engineered stores in upstate New York to cut labor cost for franchise owners. With that

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