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How Much is Too Much

By Justin Beaudrot

Increasing the federal minimum wage has been an ongoing argument in the news and politics, but most of what you hear in the news is what the “left” says or what the “right” says.

According to Diffen.com, “Democrats favor an increase in the minimum wage to help workers. Republicans oppose raising the minimum wage because it hurts businesses.” Is this really an economic issue or has it been made a political one?

Dr. Gregory Okoro, Clarkston Business Club Advisor, believes the media and politicians have hyped the issue more than necessary. He said that many businesses are already paying more than the current minimum wage.

Individuals who are paid minimum wage, face a particularly tough situation.. What if their employer could not afford the increased rate and laid people off as a result? This is a very real possibility.

“When the price of something goes up, the buyer tends to buy less of it,”Okoro said.  “This applies to the purchase of labor.”

A lot of students would agree increasing the minimum wage is a good thing.

“Raising wages leads to increased spending and decreased debt and … would provide more incentive for going after a minimum wage job,” said GPC student Christina Burden.

Dr. Richard Kirk, Alpharetta Business and Economics Club Advisor, said increased unemployment damages economic growth by increasing product costs, which leads to fewer purchases, which leads to an overall poorer economy.

Kirk also said that politicians are complicating the situation by focusing their actions on potential voters such as special interest groups for or against issues such as increasing the minimum wage. He suggests that students, “Think critically about the real impact on individuals, and the real goals and objectives of our elected officials.”

Let The Collegian know what you think about increasing the minimum wage by commenting on the online version of this article at CollegianNews.com.

 

About Victoria Song

Business Major at GPC, Dunwoody.

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