In Russell Nelson's blog entitled, "A Living Wage," he jokes that George Gonos' opinion that the minimum wage should be changed from $5.15/hr to $10.00/hr is not Economic Sociology but rather Economic Fantasy. I agree with him.
Some of the points that Nelson makes in his blog are, first of all, that no employer can be forced to employ anybody. So, since a raise in minimum wage would cause the employer to loose money on the same amount of employees doing the same amount of work, something would have to be done to decrease the cost to the employer. This could be one of two things: a raise in prices or a cut in the amount of employees.
Since a raise in prices would decrease the demand for the product and, thus, decrease sales, the only other possible option would be that of cutting down on the amount of employees. Of course, from what I've learned in economics, a cutting down in the amount of employees will lead to a decrease in the production of goods which will also lead to a raise in price and a decrease in sales. To me, it looks like a lose lose situation.
Ok, as a struggling college student, I agree that a raise in minimum wages would be nice but not if the products that I have to buy in order to live are fewer and higher priced. I'll be in the same "poor" situation that I was before, possible even worse.