There are four problems with raising minimum wage to 15 dollars an hour. One problem is that cost of living is going to skyrocket because businesses are going to have to up the prices in order to compensate for paying people more money. Two, unemployment is going to be higher because businesses are going to have to cut people to pay more money for those that are left behind. Three, taxes are going to have to go up in order to pay for the those that are on welfare, hud housing, food stamps, and other forms of assistance. Four, ultimately we will enter a Great Depression because stocks are going to drop, prices are going to be expensive, and a lot of homeless on the streets. Many people think about only immediate benefits and not the long term consequences. It seems like our Congress for once knows that raising minimum wage is going to hurt the economy. However, the problem is the people and the lack of education they have on the whole situation.
There is one benefit, immediate happiness. Then it goes downhill after that, if Congress were to pass it then they will be the stupidest people on earth.
I think that in our education system we should basic economics be taught to children in high school. Maybe that will help save this country.
