What Happens When Minimum Wage Essay - 703 Words

What happens when minimum wage goes up to $15? If minimum wage is raised to $15 food price will rise on your favorite fast food restaurants like McDonalds, Taco Bell, Subway, KFC and many more. If minimum wage is put to $15 an hour some small businesses will shut down because they won’t have the money to pay their coworkers and if they don’t pay their workers they will end up quitting or some will end up suing the businesses and either way they would end up getting shut down or closed down. Some believe that if minimum wage is put up to $15 it will prevent equilibrium wage from developing. The economy will probably go broke or businesses will probably go out of business because since the food is almost $10 for just a burger and fry so imagine for a whole family pack it will be almost 50-80 dollars and people are just going to stop going to fast food places and they will end up running out of business because they will have no customers and no customers means no money no money means no business and since you have no money you will not be able to pay your workers. For example McDonalds, lets say your favorite meal is a big mac and fries and a soda for $6.25 and if minimum wage goes up to $15 an hour that big mac that you love will go up to almost $10, and people will start to realize that it’s too expensive for something you could make at home for the same price but double the food. Buts that’s only the bad thing about it the good things aboutShow MoreRelatedRaising The Federal Minimum Wage1225 Words   |  5 Pages Study shows that wage increases do lower poverty, by 2.4% if wage at $8.00, consistent with other studies. (Washington Post/ Arin Dube) 1. Raising the federal minimum wage doesn’t cause substantial unemployment as most economists agree, including over 600 economists who wrote a letter to Congress urging a wage increase, and the Economic Policy Institute. A. Identify shortcomings of the opposition (fallacies they make, or weaknesses in the evidence they use) 1. Arin Dube’s study would be great,Read MoreBackaches and Depression and Poverty, Oh My!1474 Words   |  6 PagesLike anyone, people like to pick the best candy first, but what happens when all the good candy is taken? People are stuck with the â€Å"bad† candy. In this case, people like to pick the best jobs, but, like the candy bag, what happens when all the good jobs are taken? 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