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Is It Really Worth It?

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Argumentative Essay: Is it really worth it?

LABR 1F90

Haseeb Mohammad

5591979

T.A – Nathan Cecckin

March 25, 2016

“I do not support raising the minimum wage, and the reason is as follows. When the minimum wage is raised, workers are priced out of the market. That is the economic reality that seems, at least so far, to be missing from this discussion.” as John Sununu states, raising minimum wage is not a great decision. The minimum wage rate must not increase for the reason that this will put many firms out of business, and will also lower the employment rate. Assuming firms are employing resources at maximum efficiency, increasing the labor wages will cause immense damage. An increase in minimum wage will not help our economic system become efficient; in order to allow our economy to run smoothly there mustn’t be an increase in labor wages. Increasing wage rates will increase the unemployment rate resulting in an increase in inflation allowing an increase in poverty, increasing the minimum wage rate will also increase the expenses for businesses, and lastly it will also affect a majority of high school students.

If the industries suppliers’ prices increase along with the wages many industries will start to go bankrupt because of the decrease in demand for the industries’ products, resulting in a decrease of employment for low skilled workers, or young people just as Niels Veldhuis & Sylvia LeRoy explain in their academic journal, “Specifically, he concluded that a 25 percent minimum wage increase could reduce employment by as much as 15 percent, or cost approximately 180,000 jobs…” Due to the suppliers’ price increases, the businesses and industries will not be able to purchase as much inventory as previous years, because of inflation, workers will be laid off and this will increase the unemployment rate and also increase poverty. Farmers…...

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