Sunday, November 1, 2020

Florida voting to increase Minimum Wage to $15

Minimum wage as of 2020 for Florida is $8.56. Residents of Florida are voting towards $15 as their minimum wage that would be implemented until 2026. This would cause a decrease in the unemployment rate overall because in the state, more people would be trying to get more money which is the human nature no matter where you live and no matter what the prices are. However, people would also be reluctant to consume more because the since the minimum wage increased, it would also cause an increase in prices along with a greater tax that would automatically be implemented. This means a plus side towards the government and hence for the state since a higher amount of tax that would be collected by the government would be spended towards the state which in turn would help improve standard of living. It would not only increase business opportunities, but also introduce incentives for people to invest more hence increasing overall investments. We can also say that most of the increase in GDP by Florida is based off of tourism which in turn would mean, that people who come to the state would now pay more due to the increase in prices which means greater money would be flowing inside the state ending up to be overall better for the state itself. Do you believe in the government to help the state or the country or do you guys think it would cause people to loose more than what they earn?

2 comments:

  1. In my opinion, raising the minimum wage to $15 might lead to an increase in unemployment, given that businesses would have to pay a larger salary than what they're currently paying. At the same time, it could increase consumer confidence and increase the standard of living of those employed, which would lead to economic growth.

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  2. I think in Florida this would greatly help increase standards of living, considering that Florida does not have any state income tax, and there is more money in citizens pockets to spend.

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