If minimum wage is raised to $6.15 per hour how will it effect the economy in NC?

Question

Will miniuim wage help ou hurt finacial growth in NC?

Who will benefit most business or workers?

Will increase in the minium wage cost consumers?

Answer 1

Anytime the minimum wage is raised, the cost of living goes up as well. It is a vicious cycle.

Minimum wage was never intended for people to live on or raise a family, these were entry level positions only.

Great question.

Answer 2

I am not really familiar with the economic condition of your place, but I just want to share something about the possible effects of minimum wage increase.

Well, this really has to depend on the economic condition of the place. But if there are more poor and middle class people in a society, the effect would likely be bad, although the increase seemed to be a good one. Why? Because the increase will likely pull those small businesses down and big companies too will likely cut off their employment rate. Think that a $6.15/hour is quite an increase and not all companies could sustain that wage rate. Thus, the end result of this is that many businesses will either migrate to other state, where there is sustainable wage rate, or more businesses will shut down. Yes, the increase will benefit workers, but only a few lucky ones. And I think that the increase does not have to do with the buying market, unless your state has a law which says so.


Mary
http://onlinepr.gbwatch.com/

Answer 3

We recently upped our minimum wage in Florida. The ones most greatly affected were the small businesses. Privately owned businnes that had few workers and only paid them minimum because thats all they could were now forced to pay them a dollar more an hour. It doesn't sound like much but that directly results in a price raise on their products.

From a worker's point of view, if you are only making minimum wage its a plus for you, but for all others who make above minimum, businesses are reluctant to give raises to their employees who make above minimum jsut because of a minimum increase, therefore they end up making closer to minimum than they did.. Workers end up making about the same, while again, prices are being slightly raised all around them. In time this will come around and they'll make more, but this is for the short term.

So to directly answer your questions, it will help most employees, hurt employeers but they'll jsut pass on their losses to their customers, hurting consumers.

Hope any of this helps.

Answer 4

By simple supply and demand, if the floor (minimum wage) is shifted up for the supply of labor, then there will be an increase in wasted resources (unemployment). By the laws of supply and demand, increasing minimum wage will increase unemployment.

Answer 5

any thing that effects the cost to produce a product(wages) will effect the price of the product. if labor cost is to high then product will not sell. owner of company has two choices, shut down business or relocate to place were labor is cheaper.(Mexico)

Answer 6

no one will benefit the poor will still be poor and the rich will still be rich the only noticeable thing that would happen is the it would cause massive inflation ( think head of lettuce $10)

Answer 7

your minimum wage sucks, it's like $8.50 here