Today the need for money is great. It is the one thing everyone is after. Which leads to some people saying that the minimum wage should be increased because the current minimum wage isn’t enough for workers to make ends meet. I on the other hand think that the minimum wage is fine as it is. This is because increasing the minimum wage will hurt business raise poverty, and increase unemployment levels. This is why I think that raising the minimum wage is a bad thing. To start off with raising the minimum wage will hurt businesses. A study done by the Congressional Budget Office shows, “A minimum wage increase from $7.25 to $10.10 would result in a loss of 500,000 jobs.” A statement said by Jamie Richardson, MBA, and Vice President of the fast food chain White Castle said, “The company would be forced to close almost half its stores and let go thousands of workers if the federal minimum wage were raised to $15.” Both these studies show that increasing the minimum wage would decrease the amount of jobs that there are for people everywhere. This is one of the many …show more content…
A study down by the Federal Reserve Bank of Cleveland found, “although low-income workers see wage increases when the minimum wage is raised, "their hours and employment decline, and the combined effect of these changes is a decline in earned income... minimum wages increase the proportion of families that are poor or near-poor.” Then Thomas Grennes, MA, Professor Emeritus at North Carolina University said, “the net effect of higher minimum wages would be unfavorable for impoverished households, even if there are no job losses. To the extent that some poor households also lose jobs, their net losses would be greater.” Both these pieces of evidence state that if we raise the minimum wage it more than likely will raise the poverty line. This is why raising the minimum wage would do more bad than