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Should the government raise minimum wage?

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by

Robert Jackson

on 3 December 2014

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Transcript of Should the government raise minimum wage?

4.02 Should the Government Control the Economy?
A graph showing surplus and shortage is appropriate when speaking of minimum wage because minimum wage can effect equilibrium prices as well. When minimum wage is raise businesses pay higher than equilibrium and when it is lowered they pay lower than equilibrium.
This effects my decision on whether or not to raise minimum wage because at equilibrium things go well. A surplus could cause the lost of jobs and a raise in unemployment while a shortage may mean that earnings are lower for the individual/employee.
I believe minimum wage is a difficult subject because so many factors can be effected by minimum wage. If it is raised there is a surplus and if they lower it there will be a shortage as seen in the graph before. Both cause an unbalancing of equilibrium and will create negative effects for employees, employers, and price controls. If its minimum wage is raised prices go up, employers have to pay more for less work and causes more unemployment for employees. If it is lowered prices may stay the same, but employers are fine, while the employee is doing the same amount of work for less money.
Right now the minimum wage in Florida is $7.93. On that wage one who works 40 hours a week is barely able to take care of themselves yet alone a family. So what should be done with this minimum wage?
Should the government raise minimum wage?
There are many different views on the idea of minimum wage. Some say that raising the minimum wage would be a good thing because it will allow people to have more money for spending. Sadly, the reality is that by raising the minimum wage you are putting most people in jeopardy of their jobs, from getting a job, and raising prices.
The thoughts for a minimum wage came a long time ago when people were doing extraneous work and weren't getting paid in the amount that they worked. The minimum wage is to ensure that there is some sort of equality in the amount of work done and the amount of money earned. Though even to this day the two aren't in perfect harmony, the minimum wage helps ensure that there is some sort of justice to the employee.
Sources
"Graphing Shortage and Surplus." FLVS. N.p., n.d. Web. 24 Nov. 2014. <http://learn.flvs.net/educator/student/frame_toolbar.cgi?cmosteller2*rjacksonjr15*mpos=1&spos=0&option=hidemenu&slt=!JqHkl7pBaO4o*3921*http://learn.flvs.net/webdav/educator_economics_v13/index.htm>.
Minimum Wage Laws in the States - Wage and Hour Division (WHD) - U.S. Department of Labor." Minimum Wage Laws in the States - Wage and Hour Division (WHD) - U.S. Department of Labor. N.p., n.d. Web. 23 Nov. 2014. <http://www.dol.gov/whd/minwage/america.htm#Florida>.
My Opinion
I believe that minimum wage should be raised slightly by about $1.50-$2.00 because this change is small enough that it won't cause tremendous price change nor will it effect many employers and because it is large enough to allow employees to slightly exceed ends meet and begin to live and sustain a family comfortably.
Robert Jackson
Full transcript