Thursday, December 19, 2019

The Minimum Wage Laws Will Secure Prosperity For American...

President Calvin Coolidge said once in an address to newspaper editors that the chief business of America was business. Although his remark is often analyzed as the typical overconfidence that may have lead up to the Great Depression, Coolidge’s statement is clearly more valid now than ever. America’s standard of living is deeply affected by its businesses and their success, which translates to a monumental importance of need to ensure they are allowed to flourish. The minimum wage law hinders American enterprises in numerous ways. Ultimately, the removal of minimum wage will improve the country’s standard of living by creating more lucrative businesses and also by helping citizen’s needs to be met. Dismantling minimum wage laws will†¦show more content†¦Interestingly enough, wages have remained high while unemployment rises. This model is also applicable to the current time period. Businesses can simply not afford to meet the minimum wage law whi le America remains in a trade deficit. Dissolving the minimum wage law will thus result in the ability of business to remain afloat and with time be able to compete with top exporting countries that are not limited by a minimum wage. All of this means that America will once again be able to complete globally. Additionally, the minimum wage laws affect small businesses in a negative way. The National Small Business Association and National Federation of Independent Business continually push back against minimum wage being raised. They have maintained that a high minimum wage will result in small businesses having to cut back hours or cut employees entirely, stifling both efficiency and potential growth (Harrison). Removing the law will create an environment for small businesses to flourish and be able to hire more workers. Although opposing sides argue that minimum wage ensures that people have money to spend (Harrison), they are forgetting a critical point: should minimum wage stay intact, and perhaps even be raised, unemployment will rise, which means fewer people will be able to spend money at all because, after all, people need a job to have money. Furthermore, abolishing minimum wage will result in businesses becoming

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