Yes, we hear the argument all the time; raise the minimum wage from $7.25/hour to $15/hour. And as this argument is being constantly debated in today's world, it is helpful to read many opinions on the matter before coming to a final consensus on what we need to do so that not only people are happy, but the economy can still prosper. To be fair, I will be looking at both sides of the argument.
On the one side, the increase of the minimum wage would make owners raise their prices on their products to help them pay the higher employee wages. Could you imagine for example going to McDonald's and paying four dollars for say a single patty cheeseburger? That may be an over exaggeration, but it is quite possible.
To cut costs people might even be laid off or fired and replaced with ordering machines because you do not have to pay a machine and it would be cheaper in the long run. Could you imagine that? Just a machine and no human interaction? It would definitely be weird.
Now think about this though, there are adults in fast food places being paid minimum wage and struggling to make a living too. Not just college and high school kids. The adults would need more of a wage, if say, they live on their own and do not have other income. While yes, high school kids, unless they live alone or have a child to support, do not need exactly an increase immediately and they can earn raises on their hourly wage. Although there would be exceptions to every rule, like the two I mentioned with high school kids working in these jobs. Maybe we should consider minimum wage for people of a certain age or with certain circumstances instead? And have tiers of different wages for certain workers? Just think about that for a moment.
So, all in all, if we think about all of that, maybe the minimum wage raise would be a good thing if done right. But it also could be weird and a bad thing. We must look at all the possibilities to make the best possible decision for the people and the economy.