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04.02 Should the Government Control the Economy?
Transcript of 04.02 Should the Government Control the Economy?
By Ariana Antoine
Should government raise the minimum wage?
- Obviously as a teenager, I would love for the government to raise the minimum wage. On the other hand, I feel it's best not to raise the minimum wage. But I mostly feel like it's an economic-morality argument.
Rising in minimum wage means a raise in labor-tied costs like the payroll taxes.
Harmful impact on the employment prospects of younger Americans.
Would Decline Job Loss.
Help Families Have An Enlarged Income.
Not an easy living.
Living on minimum wage is not easy. So it may seem like an amazing idea to raise it. Some may think a raise would avoid neagtive employment aftershocks, but in a 1995 study, David Neumark and William Wascher found that New Jersey's actions led to a 4.6 percent decrease in employment.
What people don't realize is that when raise the minimum raise means that there would be some sort of cost to make sure everyone is being paid the new minimum wage. This means benefit cuts, downsize or maybe even hours cuts.
People don't see the impact this has on the younger Americans. They don't understand that when raising minimum wage, it would affect us. Doing such would mean less job opportunities for the young Americans. We wouldn't be able to have any valuable experience and may permanently damage our future employment prospect.
I would think the price control would result in a surplus, because people may think if we are able to raise the minimum wage, raise the amount of money being given to the worker to help produce the product they are making, they may have better quality. When the price is set above the equilibrium price for a good or service, the quantity supplied will exceed the quantity demanded at that price.