Posted: February 11th, 2022

Microeconomics discussion reply to peer easy

REPLY TO STUDENT COMMENT WORD COUNT 150

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Hello Johnny , 

You stated, “some small businesses will close down since they would not afford to pay their workers”. I agreed with you!

Increasing the minimum wage argues small businesses would be adversely affected by such a drastic increase in the minimum wage. Just as small businesses begin to bounce back from the worldwide Covid-19 pandemic, an increase in the federal minimum wage would significantly increase small businesses’ operating costs and make margins tighten for them. 

“Another argument against the Raise the Wage of Act is the vastly different state economies, with drastically different costs of living. A uniform minimum wage could disproportionally impact a small business in a state with a low cost of living”(Corpuz, 2021). 

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Reference:

Corpuz, Victor. (2021, March 31) Jackson Lewis. Advantages and Disadvantages of Raising Federal Minimum Wage to $15. https://www.jacksonlewis.com/publication/advantages-and-disadvantages-raising-federal-minimum-wage-15

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