What are the pro's and con's of raising the minimum wage?

Answer 1

The minimum wage law was set in 1938 with the idea being that every employed person deserved to live at a certain minimum standard of living. Minimum wage was supposed to be raised as inflation and the cost of living increased. However, that has not happened.

Pros:

-would put less stress on families

-would actually accomplish purpose

-would help people get off of welfare

-would allow more people to be able to afford preventative health care

-people would not be forced to work multiple jobs

-less people would be forced to break the law to get money

Cons:

-some smaller businesses would have to lay off workers

-it would potentially slow economic growth

-raise high school drop-out rate

-create larger job market

-create more competition for fewer jobs

The above lists barely scratch the surface of reasons to raise or not raise minimum wage. This issue is typically divided political party, with Democrats for raising it and Republicans against raising it.