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Rasing minimun wage - Essay Example

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For instance, most of the politicians that support such a change indicate that a raise in the minimum wage would create a higher quality of living for those individuals that work…
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Firstly, it must be understood that raising the minimum wage is nothing short of a temporary fix. For instance, most of the politicians that supportsuch a change indicate that a raise in the minimum wage would create a higher quality of living for those individuals that work minimum wage jobs. However, the fact of the matter is that raising the minimum wage across the board would only lead to inflation and higher prices for consumer goods. As individuals that make minimum wage in the first place are already spending a% this increase in cost will negatively impact upon their overall purchasing power parity. Whereas it is true that minimum wage workers are our Lady constrained with respect to the degree and extent to which they can afford consumer goods, raising the minimum wage and negatively impacting upon inflation is not solution towards maximizing the success of these individuals and improving the overall level of integration consumer markets (MEJEUR 15).
Another issue that is oftentimes misunderstood with regard to raising the minimum wage has to do with the overall ability that employers will have to pay the higher wages. Whereas it is true that minimum wage increases lead to inflation, this inflation is not felt within the broader economy are certain periods (Willis and Linneker 182). Accordingly, employers face an extraordinarily difficult time meeting profitability goals, affording inputs, while at the same time paying their workers. As anyone with a certain level of business understanding can indicate, human resource expenses are invariably the highest expenses that a company responsible for either product or service representation is responsible. Because of this, increasing these costs to a measurable extent places unnecessary hardship on businesses that are already operating margins. This concern, perhaps more than any other is the single biggest reason for why increasing the minimum wage would be effectively harmful to the way in which businesses operate within the United States and seek to develop their own needs based upon the extant environment that exists around them.
Furthermore, due to the fact that more and more companies are seeking to promote profitability and business success by hiring their minimum of employees, increasing the minimum wage is potentially something that could cause many of these “operation at the margin” companies to close another valid concern that is oftentimes not considered has to do with the fact that increasing the minimum wage would also encourage employers to hire fewer individuals. Due to the fact that the United States is currently a very slow and very timid economic recovery, such an action could necessarily destroy any hope of further success might be evidenced within the current time (Prince 24). As employers come face-to-face with the fact that increasing minimum wage would drastically increase their overhead and direct/indirect costs, their overall desire to reduce this and you need to grow their business by increasing their workforce comes to be something that very few of these are interested in. The lack of desire to hire and the lack of desire to expand that minimum wage increases could portend would likely be disastrous to the economy.
Works Cited
MEJEUR, JEANNE. "Maximum Divide On Minimum Wage." State Legislatures 30.3 (2014): 14-17. Academic Search Complete. Web. 23 July 2014.
Prince, Lew. "Should Congress Increase The Federal Minimum Wage And Index It To Inflation? (Cover Story)." Congressional Digest 92.5 (2013): 22-26. Academic Search Complete. Web. 23 July 2014.
Wills, Jane, and Brian Linneker. "In-Work Poverty And The Minimum Wage In The United States."Transactions in Economics Geographers 39.2 (2014): 182-194. Academic Search Complete. Web. 23 July 2014. Read More
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