In the society we live in today, most people would think raising the minimum wage is a great idea. It would be great for the economy; people would have better standards of living. There would no longer be poverty, since we live in the country of the rich. This all sounds great, but it is unrealistic. This will cause a huge crisis in our economy. There are statistics that have proven why rising minimum wage to $15.00 an hour will actually cause more issues. As the minimum wage increases, the unemployment rate will increase. Fast food chains such as Taco Bell, McDonalds, and others will always find a way to keep their profit increasing, even if the minimum has gone up.
The increase of minimum wage will increase the unemployment rate. It would cause a dilemma where workers are going to be replaced by machines. In some parts of Europe, McDonald’s has already replaced human labor, such as human cashiers with touchscreen terminals. In the McDonald’s near my house, they have already installed touchscreen terminals where you can order your food there. There were also fewer workers. Big corporation industries will always find a way to make more money and pay less labor. This is why
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The number of high school dropouts will also increase. There isn’t a point of going to college when you’re getting paid for a job that doesn’t require any specific skill. For example, anyone could get a job at a retail store or at a fast food place and would be making 30,000 an year. According the Bureau of Labor Statistics the median salary for elementary school teachers is $54,550 per year. The difference between those two salaries isn’t much. The only difference is that becoming a teacher, you have to invest your money, time and sacrifice a lot of things to reach your goals. This could result to discouraging people from seeking further education and could have a potential of colleges closing down due to a low student