Minimum Wage Case Study

1) Minimum Wage
My stance on minimum wage has stayed relatively the same however the reasons for my position on minimum wage have slightly changed. I am still for minimum wage and still believe that having a minimum wage is very important for the reason that it ensures that workers are paid a fair amount of money for the work that they complete. I also still believe that the federal minimum wage should be raised from $7.25 to $15. I came up with the amount of $15 per hour because I have read that if the minimum wage of 1968 remained parallel to inflation and had been adjusted for inflation then the minimum wage today would be not only greater than $7.25 but greater than $10 per hour. I still believe that the reason for having a minimum wage
My perspective on international trade, free trade, and tariffs have all remained the same and I do still believe that foreign trade is very important because it allows of have a wider or greater variety of goods that we are able to purchase and choose from and I am also for free trade because I believe that this practice contributes to allowing us a greater variety and also lowers the price of goods. I am against tariffs because although they do help to protect domestic businesses and industries, I also believe this may decrease competition therefore causing a decline in the quality domestic products because domestic manufacturers do not have to work as hard on making products more appealing to consumers because the lower price of the good compared to price of foreign goods, which would be high because of the tariff, would simply make to the product more attractive to buyers. If a foreign country can produce an item cheaper than we can produce it, that item should be allowed into the country because rather than having American workers focusing of that producing that item at a higher cost, it allows us to focus on and specialize in specific items that we can produce more efficiently than other countries, which would make us a more globally competitive. I believe that a tariff protects domestic workers because it limits their competition by making their product significantly cheaper than imported foreign products. Tariffs hurt domestic consumers because for example they may force an individual to purchase a domestic good that may be of a lesser quality that a foreign good, simple because they may not be able to afford the foreign good of higher quality. A tariff would greatly decrease a domestic producer’s incentive to get more efficient because the tariff would decrease the amount of competition domestic manufacturers