Yes, we can increase the minimum wage, however, this would be detrimental to small businesses and allow large corporations to take a larger piece of the industry. Large corporations such as Target are for raising the minimum wage, not because they are a loving and caring retail giant, but because it allows them to compete better against their competition, and push other businesses that can't afford to pay their employees raised minimum wage out of the industry. When these corporations need to lay off employees because they're unable to pay them a greater amount, this would lead to lesser productivity, which leads to fewer services and goods being offered, and therefore a shrinking of consumerism, which could slow down the economy. Additionally, corporations that pay their workers more and want to continue making the same profits will begin to sell their products for a higher price to balance this out. For example, if Coffee Store A needs to pay their employees $20 instead of $16 dollars, a $4 coffee could become $7. The employees of Coffee Store A will still be disadvantaged in buying their coffee since the price of the product went up with their wages. Lastly, the minimum wage is not meant to be a survivable wage. Minimum wage is paid in jobs that are considered entry-level, and the purpose of entry-level jobs is to push individuals who are new to the work force upward.
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