Minimum Wage And Magical Thinking Opinion - 1012 Words

Minimum Wage and Magical Thinking Opinion In the reading of Minimum wage and magical thinking he discusses that raising the minimum wage would have a negative impact and would actually hurt those that it is supposed to help and I would agree. Raising the minimum wage would cause inflation to rise, thus basically canceling out what it was intended to do and making the US dollar worth less. Secondly, minimum wage increase would cause the price of goods to rise and then less people will be buying so, then you are paying employees more and making less revenue. Lastly, this would hurt the very people that raising the minimum wage is intended to help because the number of jobs that are entry level or low skilled will drop and then people who were making a 7.25 minimum wage will now be earning a 0 dollar wage. Minimum wage does not need to increase, especially not as drastic as some people are calling for and the positive outcome that is thought it would produce actually would be doing more harm than good. If the minimum wage were to rise inflation in turn would rise too as Issac Newton’s third law says for every action there is an equal and opposite reaction. The general idea is to pay people more money, but not to increase the cost of goods which in a perfect world that may work, but this is the real world and that isn’t how it works. If for example, McDonalds starts paying their minimum wage employees 10.10 nationwide in turn what used to be a one dollar cheeseburgerShow MoreRelatedDynamic Corporate Social Responsibility: Apple, Inc.4865 Words   |  20 Pagesa definition for the corporate social responsibility concept. The author discuss a period which covers 50 years (Bakker et al. 2005). 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