Minimum Wage Increase

If the minimum wage increases, it doesn’t necessarily mean that the economy will get better or our standards of living will be better. If wages go up, then the cost of living will also increase. Some statistics have proven why the rise of the minimum wage will cause more issues. As the minimum wage increases, the unemployment rate will increase. As well, there is an enormous potential of causing small business to collapse due to higher salaries and the inability to afford them. Machines would replace humans. The impact would be massive to the economy. The minimum wage should not increase to $15 an hour.
The rise of the minimum wage to $15 an hour will increase the unemployment rate. The level of unemployment will increase because low-skilled
It would be tough for them to find jobs. Employers would be less likely to hire teenagers because they’re inexperienced and usually fill lower priority positions. Companies would be paying more for labor, and they would hire someone who has experience and meets their requirements. Employers would not be able to hire unskilled and inexperienced workers due to their budget. Eventually, raising the minimum wage would hurt teenagers in the future. It would hurt them because they have no experience in the working field. It is critical for young adults to have a taste of what the real world is about. They learn valuable life skills that would help them in jobs for the future. They learn to follow the rules, get along with coworkers, and have better customer service. Unfortunately, These are not skills that we learn in college or high school. One of the most valuable skills that teens learn from working is managing their money
Also known as a trade deficit since our imports are greater than our exports. We exported 2.23 trillion and imported 2.76 trillion. People are blaming imports for their lost of jobs. It is cheaper to produce other materials in other countries because they have more access to other natural resources than we do. If we exported more, the country would have more money. When there is more money, there is a chance people will get off poverty since more jobs will be created instead of raising the minimum wage.
Furthermore, the increase in the minimum wage will also discourage young adults from attending college. The number of high school dropouts will also increase. It would influence the new generation to have a mindset that you do not need a college degree to have a good paying job. As well, you don’t need any particular skill or profession to get employed. For example, anyone could get a job at a retail store or a fast food place and would be making $30,000 a year. According to the Bureau of Labor Statistics, the median salary for elementary school teachers is $ 54,550 annually. The difference between those two salaries isn’t much. The only difference is that becoming a teacher takes time. You have to invest your money, time and sacrifice a lot of things to reach your goals. The higher minimum wage could result in discouraging people from seeking further