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What is minimum wage?
By definition minimum wage means: the lowest wage permitted by law or by a special agreement. Every state has their own law for minimum wage. Therefore each state has their own minimum wage.
Even though minimum wage doesn't sound as a great idea, it is actually very helpful. But people aren't very happy with it and they want it to be raised. Personally I do not know if that is a vere good idea.
Pros of Raising minimum wage:
- People would have more money.
- Poverty would decrease radically.
- Living conditions would rise
- Higher worker morale
Cons of Raising minimum wage:
- Businesses could raise their prices.
- Jobs and benefits could be cut.
- Reduce desire for career advancement
- Small businesses could go to bankrupt
http://www.fool.com/investing/general/2015/03/01/3-pros-and-cons-of-raising-the-federal-minimum-wag.aspx
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