Oh my goodness, the best and the brightest might say, of course, the minimum helps the poor. Everyone knows that the poor need more money to help buy groceries and housing.
Ah, but what if the rise of the minimum wage brings about the rise of prices because the employer needs to cover the new cost of doing business, or if the cost becomes too high, the employer goes out of business? In that case, raising the maximum wage isn’t a very good idea for that employee.
In another scenario, what happens if those making the new minimum wage are already getting it? Wouldn’t the goods and services become higher because of supply and demand?
In my unlearned opinion, we do need a minimum wage, but we must be very careful with it.
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