Angel

Posted Wednesday, March 27, 2024

1mo

INTJ

Virgo

Raising minimum wages is not the solution to our economic problems

People like to think that raising minimum wage is everything. It's not. What they don't understand is that raising the minimum wage would actually be more harmful for the economy, as it will cause stock prices and job layoffs to go up, making everything even more expensive than it was before. It's already happening in California, where the governor Gavin Newsom passed a bill to enforce fast food workers like McDonald's to be paid $20 an hour. Because of this, the prices of Big Macs will soon get worse not because of greed, but because of the demand to reach that $20 pay threshold. Employers will do anything to survive. If they have to increase prices in order to pay their workers that much money, they will do so, or at least lay some people off to meet that new minimum wage demand. If we want the economy to get better, we need to look at the core problems like reducing interests and inflation rates, stopping the nonsensical government spending and printing of money, start paying off the national debt instead of raising the debt ceiling over and over again, and start managing the dollar better that would benefit the supply and demand economy and using it on investments that will benefit the American people. (edited)