This past week, Vickie gave us the chance to learn more about and contend the specifics of the highly controversial topic of Minimum Wage. Known officially as the legally mandated price floor of hourly wages developed by the U.S. Department of Labor, Minimum Wage has come under fire in recent years. Currently sitting at $11/hr as the NYC standard as opposed to the $7.25 Federal minimum wage, Minimum Wage is said to rise to $15/hr by 12/31/18, and there are a lot of questions surrounding these numbers. Whether proponents or opponents to the idea of increasing the minimum wage, the reasons behind either sides stem from a very different view of the economic state and sustainability, funny enough the same primary arguments that arose in our discussion. These very reasons are the ones Vickie so wonderfully addressed and which I will elaborate upon, using the proponent responses to bring up the opponents and refute each.

Proponents: Believe that an increase in Minimum Wage will create more jobs, decrease the inequality gap, and grow the economy.

1. Creating more jobs has been a highly debated topic as well recently, especially with the new president attempting to bring back jobs in sectors that many people believe no longer need such human capital is even needed. On that same note, if Minimum Wage was to increase to $15 in the next two years, creating jobs may harder than proponents think. One argument brought up is that if the wage became so high, as a business owner, especially a smaller business, would require someone of high skill level to justify such a high hourly wage, not to mention the fact that business could hire less individuals, as their budget is not increasing in correlation with the minimum wage. However, proponents are confident that certain businesses will hire those of average qualifications and improve overall productivity in the workforce and inevitably, reduce poverty overall. Personally, there is no correct judge of what is going to happen, however, I do think it’s important to note that unless small businesses get some sort of huge tax break, they are going to be forced to hire less people and therefore more skilled people to make up for a smaller workforce overall.
2. Decreasing the inequality gap is no small feat, a statement that both sides can agree upon. However, proponents take the position that if minimum wage was to increase at the projected incremental rate its set at, more income will be earned collectively by the  lower and middle classes. However, opponents argue things such as the fact that if the wage was increased so drastically, then prices of consumer goods and therefore affordability would stay the exact same, if not even decrease towards the very people it was trying to help. While both good arguments, I personally feel as though a greater middle class would be formed from this phenomena, but a middle class in which then has to push past the wage argument to the taxes, mobility, and still prevalent income equalities between the middle class and higher classes, no feats that are going to be achieved anytime soon.
3. Lastly, growing the economy is not only an issue, but an imperative goal for the country. Increasing the wage would reduce government spending, not affect inflation, and increase overall productivity according to proponents. However, opponents argue then with less government spending, things such as housing prices would increase, and the benefits that once incentivized individuals to work in such jobs would be cut dramatically to subsidize the lack of government spending. Trying not to take one inherent side, I believe the opponent side of this argument not only holds merit, but will increase the complaints these individuals the minimum wage would affect already have.
4. Something Vickie had said in her conclusion stuck with me; when it comes to minimum wage, there’s a lot of numbers, but not enough data. While a shift in four dollars in the next two years may seem like nothing to a native New Yorker like us, such a change could impact the entire country on an economic scale unparalleled before. I don’t think there’s a correct answer just yet as to what is the right decision moving forward, but I can’t believe that it’s to do nothing and let the American people suffer.