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Originally Posted by $5 submissions
Will knocking out the minimum wage result in less unemployment and more job opportunities?
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nope. what it wil do is lower wages. Then those people quailify for even more welfare and foodstamps since thier incomes are now lower. How does this help? Wher does the money for welare and foodstamps come from? Also if you have a choice betwen welfare/foodstamps or working for $3 an hour which would you do?
Oh also all those millions that now have less income now have less money to spend and of course comsumer spending is 70% of the economy that isn't good. Also lower wages means less SS and Medicare taxes coming in which means those programs go in default sooner and raises the deficit even more. Of course less income means more likely to default on payments for credit cards, car payments etc etc. That's not good for the economy.
If anything the minimum wages needs to be HIGHER not lower. Some people rather have 100 people making $5 and hour. I'd rather have 50 people making $10 an hour.
Look at it this way. The quality of food at places like McDonald's is questionable already. Imagine what it would be if they paid their employees only $3 an hour.