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    Jack in the Box and many other restaurants will raise prices to compensate. Raising the minimum wage to $10.10 would lift 2 million families out of poverty. This will not only benefit employees but also the economy.

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    Jack in the Box and many other restaurants will raise prices to compensate. Raising the minimum wage to $10.10 would lift 2 million families out of poverty. This will not only benefit employees but also the economy.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    13 views2 pages

    Minimumwagepeet

    Uploaded by

    api-249921655
    Jack in the Box and many other restaurants will raise prices to compensate. Raising the minimum wage to $10.10 would lift 2 million families out of poverty. This will not only benefit employees but also the economy.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    CeliaContreras

    JulioAlicea
    Economics
    11/5/2015
    MinimumWageRaisePEET

    Raisingtheminimumwagewillbenefitemployeesbyprovidingthemwithasalarythat

    willsupporttheirfamiliesbutnegativelyaffectcustomersduetoariseinpricestocompensate.
    Currently,manyemployeesinfamiliesoffourdonotmakeenoughtosupportthemselves.As
    showninareportpublishedbyCenterforEconomicAnalysis,Raisingtheminimumwageto
    $10.10wouldraiseincomesforanestimated12millionpeoplenowinpoverty,lifting2million
    ofthemoutofpoverty.Witharaiseto$10.10,2millionofthesefamilieswillriseabovethis
    line.Thiswillnotonlybenefittheirlivesbuttheeconomyastheyhavemoremoneytoputback
    intooureconomyandwon'thavetorelyonasmuchgovernmentassistance.Althoughtheraise
    inminimumwagereapsbenefitsforworkers,itwillresultinnegativeconsequencesfor
    customers.Ascompaniesareforcedtopaytheirworkersmore,theywillseeareductionintheir
    profits.Inresponsetothisscenario,onerestaurant,JackintheBox,plansTocompensateby
    [increasing]menupricesalittlelessthan1percentacrossallitsrestaurants.JackintheBox
    andmanyotherrestaurantswillraisepricestomaintaintheirprofitsafterhavingtopaytheir
    employeesmore.Thiswillnegativelyaffectcustomerswhowillbeforcedtopaymorefor
    productsthatwereoncecheaperornotbeabletoaffordthematall.Overall,raisingthe
    minimumwagewillbenefitemployeesbytakingthemoutofpovertybutwillaffectconsumers
    whohavetopaymoretokeepcompaniespocketsfullasusual.

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