Minimum Wage Should Not Be Increased
People all around the US are wanting the minimum wage to be raised to $15 a hour, but if the government were to raise the minimum wage there would be a big impact to the US. There is a movement called “Fight for $15” where people do friendly protests fighting for $15 dollars a hour. They have had many protests spanning from New York to California outside of fast food places. Little do the protesters know is that raising the minimum wage will cause mass loss of Jobs, Increased Taxes and Inflation. Minimum wage should not be raised because it will cause problems in the US.
Minimum wage should not be raised because it will cause loss of jobs. People would like minimum wage to be raised from $7.65 a hour to $15 a hour, low income …show more content…
Most of them don't know what will happen to the US if the Minimum wage was increased. Mr. Jeff D. Opdyke a Investment Director, Executive Editor, and Editor of Total Wealth Insider has to say “I’ve come to the conclusion that if the minimum-wage in America shoots up to $10.10 an hour, we will see reported inflation of 2.7% to 3.2% 12 months later … and within 24 months inflation will approach 4.5%.” (Opdyke) He is saying what will happen right after the Minimum wage increase 12 and 2 years after how the inflation will go up 2.7-4.5% just in 2 years. Mr. Jeff D. Opdyke also has some more facts on inflation “On an average basis, inflation in the first 12 months following an initial minimum-wage increase was 1.3 percentage points higher than it was the 12 months prior to the wage hike. After two years, inflation was 2.5 percentage points higher. In some instances, inflation was up by as little as 1.4% within the first year … and by as much as 11.2% in the second year. And when I look at just the years in which the minimum wage rose more than 20% – as is the case this time around – the inflation rate spiked sharply by the second year.” (Opdyke) The Inflation rate in the US will increase as the minimum wage
Minimum wage should not be raised because it will cause loss of jobs. People would like minimum wage to be raised from $7.65 a hour to $15 a hour, low income …show more content…
Most of them don't know what will happen to the US if the Minimum wage was increased. Mr. Jeff D. Opdyke a Investment Director, Executive Editor, and Editor of Total Wealth Insider has to say “I’ve come to the conclusion that if the minimum-wage in America shoots up to $10.10 an hour, we will see reported inflation of 2.7% to 3.2% 12 months later … and within 24 months inflation will approach 4.5%.” (Opdyke) He is saying what will happen right after the Minimum wage increase 12 and 2 years after how the inflation will go up 2.7-4.5% just in 2 years. Mr. Jeff D. Opdyke also has some more facts on inflation “On an average basis, inflation in the first 12 months following an initial minimum-wage increase was 1.3 percentage points higher than it was the 12 months prior to the wage hike. After two years, inflation was 2.5 percentage points higher. In some instances, inflation was up by as little as 1.4% within the first year … and by as much as 11.2% in the second year. And when I look at just the years in which the minimum wage rose more than 20% – as is the case this time around – the inflation rate spiked sharply by the second year.” (Opdyke) The Inflation rate in the US will increase as the minimum wage