With minimum wage increasing, there is, and always has been, a debate on whether minimum wage should remain low or if should be raised. As minimum wage is on a climb, many workers receiving this hourly pay will now be able to provide somewhat of a financially stable income to make a living for themselves. On the other hand, issues can arise with this change in pay such as inflation or an increase in the price of products widespread. Although it is beneficial to raise minimum wage for the benefit of their workers striving to provide for themselves, it may be costing job opportunities for some.
Personally, I believe that raising minimum wage to $15 an hour, as has been rumored to happen, could be dangerous for our economy. With this type of pay, the value of products will go up, causing customers to either take their money somewhere else, or significantly impact American pockets over time. As mentioned above, inflation is a possible outcome to seriously consider happening. With the increases of prices widespread, our money will be on a path to losing its value. Although this might be of disagreement to some, in my opinion, minimum wage jobs should not be intended to be a source of financial stability. If anything, it should be a kickstart to prepare oneself for their career path, and in return give someone else an opportunity to start working at a minimum wage job.
Source:
https://www.investopedia.com/articles/markets-economy/090516/what-are-pros-and-cons-raising-minimum-wage.asp
Interesting view points. First I want to thank you for bringing this topic up. I'm sure such a controversial topic must be nerve wrecking to talk about. I wholeheartedly appreciate the fact that you point out both benefits as well as negatives of both sides. As a fellow employee who makes slightly above minimum wage, I am inclined to disparage against the notion of elevating the set bar of 9:50 an hour. When I started working, back in 2016, I made 7:25 an hour for well over a year and a half. At the end of my career in the minimum wage field working the same job for 3 different companies, I was making 9:75 In two locations, and 10:50 in another. At the end of it, I had given five years to the job. Something that many people do not know about minimum wage earners is that the work is rigorous. It is demanding to say the least. Always understaffed, since no one wants to to break their backs for nothing. And, for better or worse, the employees are overworked by employers and undervalued and under-appreciated by the customers they work so hard to cater to. Minimum wage earners are workhorses, and they deserve to be compensated appropriately for the work they do. True that most people could use it as stepping stones for a career path by building experience. However, there are some for whom that is not the case. I have worked alongside countless people (myself included) who needed to earn their wages for education. I have met people with stories I could never find in a horror book, whose only hope is minimum wage jobs. I have met several people who dropped out of high school for various reasons to help their families financially. Some kids have emancipated and are seeking a life of their own, but cannot afford a simple apartment unless they work every day, and doubles at least 4 days a week in order to click enough pennies together to pay the bill and get a pack of Raman noodles. The list goes on. The thing is, there is no reason why single parents with no educational background and only 2 kids (3 of them total) should have to work 3 or four jobs to get by. There is no reason why a full time college student should be a full time worker and not be able to afford so much as half the tuition at a community college. It's disgusting. Its immoral. So yes, out of selfish ambitions, if I ever forgot the hard times I myself too faced for 5 years, I might say, "keep the minimum wage down where it's at so I can live comfortably." But when I think about all those people I met in the course of 5 years working minimum wage, I would be the first to back the idea of increased minimum wage, come what may. And besides, online shopping is huge. so if prices increase in the economy, as you said, consumers can always look elsewhere (ie. online, amazon...) for better prices.