How would you define minimum wage? Minimum wage could be defined as the amount of money that is the least amount of money per hour that workers must be paid according to the law. A huge debate in today’s society is the ongoing question, should the government raise the minimum wage once again? Some people would argue two opposing sides. Either it has no impact on unemployment rates or it would demolish unemployment and poverty in our communities as a whole. Even if the government decided to increase it how much higher would be necessary? There is no correct answer to either of these questions. There are too many problems in our world for us to come together and agree on just one answer.
There has been much talk about what good things can come to America's lowest income workers as a result of an increase in the minimum wage,
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Small and even big business chains would not be able to afford large quantities of workers if they abided by the law and increased their minimum payment. There would also be an inflation of prices if the wage rose. Business would have to raise their prices to be able to support their higher paid employees. The increase of prices would result in a higher cost of living, ultimately resulting in an ongoing push to keep the minimum wage rising. It would also intensify competition among individuals in the work field. Unfortunately, a minimum wage rise may also kill a third bird that one would like to keep alive: employment opportunities for low-skilled workers (Knabe & Schöb, 2011). Resulting back to the high number of unemployment, raising the minimum wage would also favor the more experienced and qualified individuals. These individuals having worked places before would be the ones obtaining the young, inexperienced workers job opportunities, ultimately setting them back in the world with less experience for their future