Please comment about the below post: what are the good parts of the summary?

If the Federal minimum wage was increased from $7.25 per hour up to $15 per hour, this would end up increasing the cost of employing low-wage workers which in turn would cause some employers to hire fewer workers (Bogusz, 2021), and this in turn could cause an increase of work on the workers themselves since the number of people employed could possibly decrease.

An increase in the Federal minimum wage could be beneficial to employees who make the current lesser minimum wage amount and this could cause a substantial increase in their income of more than 50 percent for those that may currently be in the bottom 10 percent of wage earnings (Director et al., 2023) and would benefit African American and Latin workers as well as women as well as essential workers and it would decrease the number of people who are living in poverty (Cooper et al., 2021).

While there are positives for an increase in the Federal minimum wage, it cannot be ignored or denied that there are also negatives if this increase were to occur. Businesses that cannot afford to have their current amount of employees based on current Federal wages would find themselves needing to let some workers go making them jobless and the household income would decrease (Bogusz, 2021). Having minimum wage increases would also squeeze the wage distribution and the employers would fight against this by reducing employment and profits or by raising their prices (Mankiw, 2023).

My conclusion on this, as much as I dislike to say it, is that raising the Federal minimum wage would have disastrous consequences because it increases the likelihood of employers raising prices, decreasing the number of people they hire, increasing the workload of those that do get hired and increase poverty due to employers reducing the number of workers. Plus, the increase in prices to help compensate for the increase in wages, too would increase poverty.

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