Economy

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The Elephant will be addressed

Immediately, one must understand that by definition wage is the price of labor. Asking for an increase in minimal wage is asking for an increase in prices.

That's a fact. Businesses use human labor to produce goods and services if their cost to produce increase then the price of what they produce will increase.

Basic economics tells us when you raise prices buyers will buy less of the good or service. In this case were talking about labor. Businesses will hire less, meaning fewer jobs.

Also, since we're talking about minimum wage labor, lower-skilled workers will be hurt the most. This also hurts the middle class because prices will increase for them while they may not see the same increase in their pay. As for the rich, it creates a larger gap between them and the lower income because growing a business will be more difficult for the small business owner.  

Fact versus Opinion 

This graph shows how the number of jobs in a community decrease as government increase the price floor for labor.

 

This is not hypothetical or my opinion this is fact. With everything else held constant drastic increases in the minimum wage would put people out of work. It hurts people, even more, considering that there is currently a fight between humans and robots for jobs.

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