Minimum Wage Problem

Michael Santiago
Prof. Dubey
December 9, 12
Econ 102

Minimum Wage, the answer? Or the Problem?

Many people say, “The rich get richer while the poor get poorer.” This quote is often said these days due to the economic downfall and crisis happening in the United States. One of the only ways to make due is by working relentlessly day in and day out. Today's minimum wage simply is not cutting it anymore, especially if you reside in the state of New Jersey. With the cost of living going up, it is safe to say that there must be a raise in minimum wage in order to keep the quality of life stable. However, not very many people agree with the raise in minimum wage being the resolution to any economic issues. In fact, increasing the minimum…show more content…
For one thing, a person’s salary would increase, therefore giving this person the illusion that they would be able to live a more luxurious lifestyle than before. This person may not realize at the time that a rise in the cost of living would also accompany a rise in the minimum wage. It is also crucial that the young people in America today get the experience they need within the work force because they are the ones who will be bringing this country forward in the future. If these young Americans cannot get jobs or experience now, how will they further their careers and produce effective services and products for the future generation of United States citizens? Many businesses do not realize the consequences of their actions when they hire older, more skilled employees for jobs just to save a few dollars. These businesses are slowly but surely destroying the future of the United States economy because it is easier and less costly to hire older employees that they do not have to spend money training. It is easy to think about how raising the minimum wage could be beneficial, but it is much more difficult to see how such a thing could leave devastating effects on the United States economy. It is important to fully think about the lasting effects of controversial topics such as this one concerning the raising of minimum wage, because there is an enormous chance that they will affect…show more content…
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