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Raising minimum wage sounds like a good idea right? It is very true that if you raised the minimum wage people all over the U.S would be bringing home more money... but that doesn't mean it will be better for the economy. Many people say that to fight inflation by raising minimum wage is a very bad idea; one that would make our economy even worse!
Another reason it would be a bad idea is because then there would be a lot of unemployed people. The bosses would not want to pay more for their employees so they would only keep the ones they really need. Then the people fired would need public assistance which means us the tax payers would have to pay more money. Then once again the higher class is paying for the lower class even more than usual.
The third reason is that the smaller businesses would get the worst of it! They already are on a strict budget. Even a small wage increase would cause over a 1000 dollar growth for a small business. This would make or break a small business.
There are many problems when it comes to raising minimum wage. Many peoples jobs are not worth the new minimum wage which would cut them out of the picture. If your a fast food worker you would have a raised minimum. This would make the boss have to raise the price of the food to make sure they make enough money.