The controversial subject of raising the minimum wage in Florida has now become a reality. 60.8% of Florida residents voted for the minimum wage to be raised to 10 dollars per hour by September 30, 2021. The minimum wage is later than expected to increase by a dollar every year until the year 2026, where the minimum wage will be adjusted annually for inflation.
Many residents statewide were against raising the minimum wage because of the rising taxes that come along with it. Working-class families are bound to pay more for necessities, like food and clothing. In addition, levels of poverty are foreseen to rise because of the increasing competition seen in the working field. Workplaces would be being seeking employees with experience, shutting those at the entry-level out. The availability of paid job hours will also begin to decrease. There is a strain placed upon small business owners as well. They feel obligated to increase the prices of the supplies in order to make up labor costs. But an increase in prices will result in the loss of customers, which leads to a loss of income.
But others will argue that increasing the minimum wage will decrease a great percentage of poverty. Low wage workers would benefit the most because they’d be going home with a larger paycheck. Because the middle class would earn more money than before, it’s predicted that they would spend their extra earnings on activities that boost economic productivity. Careers such as teachers would earn a much higher salary because they already don’t earn enough as it is. It’ll also have the ability to close the pay wage gap that has always existed, between classes and genders. Because production has increased over the last few years, there’s room for the minimum wage to increase.
It’s difficult to see how exactly this new mandate will affect the people in the state of Florida. However, there will be a drastic change in the economy one way or another.
