Raising the minimum wage seems to all economists to, at the very least, fail to 'raise' employment, and we'd all like to see better inclusion of low-skilled workers into good-paying jobs.
Sentiment: NEGATIVE
I do not support raising the minimum wage, and the reason is as follows. When the minimum wage is raised, workers are priced out of the market. That is the economic reality that seems, at least so far, to be missing from this discussion.
Most arguments for instituting or raising a minimum wage are based on fairness and redistribution. Even if workers are getting a competitive wage, many of us are deeply disturbed that some hard-working families still have very little.
When we talk about the kind of folks whose lives will be made better by raising the minimum wage, we're not talking about a couple teenagers earning extra spending money to supplement their allowance. We're talking about providers and breadwinners. Working Americans with bills to pay and mouths to feed.
I don't know of a single economist who disagrees that when you raise the minimum wage, you kill jobs for the poor.
Raising the minimum wage isn't just pro-worker; it's pro-economic growth.
Improving the outlook for U.S workers isn't about creating millions of minimum-wage jobs. It is about creating sustainable, skilled employment that allows Americans to earn a fair wage with benefits that allows them to pay for housing and food on the table and sustain a middle-class lifestyle.
Free market economists frequently see minimum wage legislation as mere political intervention. However, there are decent economic theories which show that, under certain circumstances, minimum wages can be beneficial, as it makes workers more productive.
A minimum wage leads to higher levels of unemployment.
Raising the minimum wage represents a substantial financial burden for employers, particularly start-ups, early stage companies, and family-owned businesses. In response, business owners would be forced to either lay off workers or raise prices to offset the rise in labor costs.
In the general economy, you get government involved in making market decisions - first of all, they're going to get it wrong. For a minimum wage, you will actually reduce the number of jobs available.
No opposing quotes found.