Effects & Aftermath Of Biden’s Minimum Wage Raise
By: Ashton White
As of the recent presidential election, a man named Joe Biden has risen to the oval office, and even in his old age, he is intent on hitting the ground running. It is expected for him to announce his plan to raise the minimum wage on January 28th, consisting of a plan to raise the minimum wage to 15 dollars an hour. To this extent, it has received very mixed responses from the populace. Primarily divided into 2, being either strongly with or strongly against. The majority of supporters for this have been protesting and campaigning for a minimum wage increase for several years. But many who are against it look at the potential side effects of this action, with a very low chance of not backfiring. In the following passages, I will expand upon the potential effects of this action, and what they could mean in the coming years.
Raising the minimum wage is a very risky choice as to if it succeeded it would mean easier lives for the working class as well as balancing the scales for the wealthy and poor. But this action has a very low chance of being successful, with the potential negatives greatly outweighing the positives. The primary effect of this failure is a sudden and forced artificial inflation, but this grows outwards encompassing a multitude of potential outcomes. All of which could come true in the most negative series of events. The largest negative of which is a potential economic crash, while having many smaller negatives. A few of these effects are mass job loss, the failing of mom and pop shops, and a sudden increase in prices.
However since Biden has already shut down major gas lines country-wide, this could stack and cause a dangerous increase in gas prices. As well, with Biden intending to send out 4 billion dollars to other countries, this is a sudden jump in government spending. Some believe this choice and effects to be intentional, while others view it as a needed sacrifice to the greater good. And the chance that lays between these two futures is with the populace and their response to such a decision. So while the government may take this risk, the ball lies in the field of the people and what they choose to do afterward. Some have faith while others are filled with fear, either way, a large economic change is coming, good or bad.