Transcript: Hi my name is Kaylee and today I am going to be talking about the effects that raising the minimum wage could have on the economy. Basically, minimum wage is the minimal amount that an employer has to pay his employees by law. Today, that amount is $7.25 an hour. This includes entry-level and low or little requirement jobs. This issue was introduced by Obama when he was president on whether this would benefit or harm our economy. This also directly affects me as a student because I work at minimum wage job here in Lubbock while I'm at school. With Lubbock having so many different small and family-owned businesses, this could impact Lubbock drastically due to them having to close down, having to lose or lay off employees. This could also affect our country as a whole due to once having minimum wage increased, people that were already making slightly more would also want their salaries to be increased as well. This could cause inflation and an increase of price on consumer goods. On the other hand, it could increase economic activity and bring job growth. So I'm interested to see how this could effect our economy on both sides and I hope that this also helped you begin to think about how this could effect our entire economy and thank you.
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