The minimum wage has been at the forefront of political discourse for a few years now. The most prominent wage being thrown around is $15. The idea behind raising the minimum wage is it would help the impecunious in society and start lifting those from impoverished lifestyles. It does the opposite.
But if there are only positives to raising the minimum wage then why not raise it $50, $100 or $250 per hour. The usual response to this is that it would be too much for businesses to handle – of course, this suggests that these same groups advocating for higher minimum wage concede to negative consequences of a higher minimum wage.
Overall, the minimum wage only benefits unions, governments and big business.
MRCTV handed out a petition on a college campus and called for a $50 minimum wage. Surprisingly (or unsurprisingly, depending your views of post-secondary institutions), many were in favor of it, but there were a few that opposed the initiative, citing racism, a greater cost of living and a loss of jobs.
It seems that economics is not a course that most college students are taking, or if they are then the professors are probably doing weed the entire time and watching Paul Krugman lectures.
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