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4.02 Should the Government Control the Economy?
Transcript of 4.02 Should the Government Control the Economy?
Some say that the minimum wage should be lowered. They argue that with the amount employees earn being so low they have to work extra jobs just to make a living. What they fail to realize is that with increase in pay also comes layoffs. Yes, they could earn a little more, but they could also be one of those let go. If they have to work extra jobs because the wage they earn is not enough to live on, then fighting that wage is not the way to go about fixing that.
The last harmful affect raising the minimum wage would have that I'm going to share with you effects the people with high paying jobs. As the minimum wage rises so does the unemployment rate. The unemployed will require public assistance thus relying on the tax payers, effectively canceling the gained profit from an increased minimum wage. The lower class is now supported by the middle and upper class.
The topic of minimum wage should be left between the people it affects, the employees and the employers. Too much government regulation can prove harmful to a business's success. It should be up to the employee to work as hard as they can and it should be up to the employer to pay them what they're worth. I'm not saying that government should be completely absent from these exchanges. If the employer is abusing this loosened government grip than that is when regulation is necessary and justified.
The minimum wage should not be raised. Raising the minimum wage would not necessarily have only positive effects, it would have negative effects as well. Negative effects such as a reduced number of jobs available. You read something like that and you think that employees would be taking the biggest hit, right? Wrong! With the days of employees being so grossly underpaid gone and the majority of workers earning minimum wage. There is a set amount of money for these workers and simply raising the minimum wage would not raise this set amount, all it would cause is the release of workers that don't fit in that set amount.
Should Government Raise the Minimum Wage?
- Dunkelberg, William. "Why Raising The Minimum Wage Kills Jobs." Forbes. Forbes Magazine, 31 Dec. 2012. Web. 29 Jan. 2014.
- "Should the Minimum Wage Be Raised? Economists Weigh In." Real Time Economics RSS. N.p., n.d. Web. 30 Jan. 2014.