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Economic Setback Essay

998 words - 4 pages

In the past four years, Florida has cut their Unemployment rate in half. In 2010 the unemployment rate was at 11.4%; in January the unemployment rate for Florida was at 6.1% (Statistics 1). In this research paper I will be explaining why raising Minimum Wage will cost more to society than gain in the long run. WHile many people are happy that they are looking to raise minimum wage, more people are highly infuriated with the concept behind it. most people have questioned the idea behind it. For example; if the minimum wage goes up, what else will go up in prices? Or what prices go down? Will the people that are unfortanate and need help that get food stamps and WIC still get the amount they ...view middle of the document...

Sit down restraunts would be even more expensive than they are now. Very few families can afford to go out and can hardly afford to put food from grocery stores in the fridges. How are they going to be able to afford anything. WHich brings me to my next point.
If minimum wage goes up it will cause a big problem in society rather than a good one. If the prices go up people have to use that extra money they are getting in their paychecks to afford things. So if wages and prices are going up, the supply and demand are going to drasticly drop in the grocery stores. Why would companies keep supplying items that cant be bought due to families budgets being tighter than ever. Even though its such a good idea to the President of the United States to raise the minimum wage, %10 an hour could really be a problem(Fox 1). The president of the united states wants to raise the minimum wage but why not raise the wage of people that dont make minimum wage(Fox 1). For example, I work at walmart making $9.05 an hour; which right now, is above the minimum wage. If they raise the wage to $10 an hour, I will be concidered underpaid. Which makes my paychecks less than what middle class will be making. I am concidered middle class. So if the people in the middle class that are paid very little and dont get the raise, they become lower class. WHich then makes the povertty level at a standstil and the economy struggling to pay for bills they once were able to pay. Its a vicious never ending cycle.
In order to make big changes with a very big group, you have to go slow. you can not rush things. When you look at the difference of the unemployment rate from...

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