Minimum Wage: Why Raising Minimum Wage is Bad for the Economy

In this video I cover why raising minimum wage is bad for the economy as I have touched upon many times before regarding the laws of supply and demand, raising and lowering prices has a big impact on not just consumer behavioural patterns, but also employers. Whilst the minimum wage may look enticing to rectify the problem with higher inflation in the economy, it is the lower-skilled workers it affects the most.

There are many sources out there providing evidence for why the minimum wage should not be raised which has resulted in higher unemployment, higher costs of goods and services and fewer working hours, here are various sources you can check out:

• https://fee.org/articles/the-costs-of-nyc-s-15-minimum-wage/
• https://fee.org/articles/15-minimum-wage-laws-are-wiping-out-jobs-in-new-york-and-illinois/
• https://fee.org/articles/seattles-minimum-wage-has-been-a-disaster-as-the-citys-own-study-confirms/
• https://fee.org/articles/lessons-from-spain-s-minimum-wage-experiment/
• https://fee.org/articles/seattles-minimum-wage-hike-didnt-help-low-wage-workers/
• https://iea.org.uk/blog/unemployment-and-the-minimum-wage

Another source you may wish to check out which shows that the minimum wage sympathisers who love to turn to Scandinavian countries actually don't have the minimum wage:

• https://www.investopedia.com/articles/investing/080515/5-developed-countries-without-minimum-wages.asp