Economic setback

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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 have been getting or will they get less? WIll they gte more? Will buisinesss let more people go due to the cost of employment? I will be showiing my research behind every question that came to mind and every aspect behind the Raise of Minimum wage.

Have you ever thought how fast food resstaraunts keep their food so cheap? The current wage of a fast food restaraunt - such as McDonalds - is $7.25 an hour(Kim 1). If the wage is just as cheap as a BIg mac, how could you keep the wage high but the prices low. When it cost a company more to pay the employee than they can get from a paying customer, the price of the item being bought has to go up or they have to get rid of the high cost. WHich would be the associate. Which then brings us right back around to unemployment rate. According to the huffington post, if minimum wage raises then the price of a big mac at mcdonalds can go from $5.69 plus tax to $6.66 plus tax and the dollar menu can go from $1 plus tax to $1.17 plus tax. If the prices at mcdonalds has the ability to raise than you would thin...

... middle of paper ...

...oing to raise. Its like climbing a ladder. Sooner or later your going to be higher up, your fear is going to raise and the roof is gunna seem like its lower. Its the same when you raise minimum wage. The wage is gunna get higher, cost of goods go up, and unemployment rate will raise

Works Cited

Fairchild, Caroline. "Errors in McDonald's Wage Analysis." The Huffington Post. TheHuffingtonPost.com, 29 July 2013. Web. 24 Mar. 2014.
Fox, Emily J. "States Aren't Waiting for Congress on Minimum Wage Hikes." CNNMoney. Cable News Network, 06 Mar. 2014. Web. 24 Mar. 2014.
Kim, Susanna. "Price of Big Mac Could Rise by 68 Cents If Minimum Wage Doubles." ABC News. ABC News Network, 31 July 2013. Web. 24 Mar. 2014.
Statistics, U.S. Department Of. "Databases, Tables & Calculators by Subject." Bureau of Labor Statistics Data. U.S. Department of Statistics, n.d. Web. 24 Mar. 2014

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