Minimum Wage

Minimum Wage
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The minimum wage debate is mainly about whether it should be raised, reduced or remain un-altered. Roy Unz argues that cutting the minimum wage is a more principled alternative of the three choices. Most people do not advocate for reduction of the minimum wage and would rather it remain unchanged if raising it is not an option. According to Unz, the existing minimum wage is highly related to the problems of poverty and unemployment in today’s society. He questions the fidelity of the current system and suggests that anyone who views this system as an act of political expediency can clearly see that minimum wage is currently set at a damaging level (Hovenga & Block, 2013). As a result, the question of either lowering or raising it is quite obvious.
The raising of minimum wage is highly opposed by libertarians who are against its existence due to moral and practical reasons that support their ideologies. Bryan Caplan, who is a member of the libertarian camp, strongly suggests that the minimum wage should be abolished altogether. This way of thinking according to Ron, is inspired by the economic conservatism attitude that is a characteristic of conservative Republicans. Abolishing the minimum wage is an extreme decision and although it may not be supported by most people, public policy circles view this strategy as a way to solve poverty problems in today’s society. Suggestions made in these public policy circles have a significant influence on political decisions made about the lowering of minimum wage (Unz, 2011). After economists like Martin Feldstein and Robert Strayton suggested reduction of minimum wage to five dollars or less per hour, Illinois Gubernatorial candidate Bruce Rauner suggested that...